820 on the S&P 500 seem like a good support. Notice in Figure 1 that we have tested it on slightly higher TICK and even Advance-Decline line. That's a positive intraday divergence right there. So I've entered a short term trade using TNA (3X Small Caps) since its chart look relatively good too. I have placed a hard stop at \$22.50 to limit my loss if this bet is wrong. My target is \$35.
[caption id="attachment_1039" align="aligncenter" width="500" caption="S&P 500 intraday"][/caption]
[caption id="attachment_1040" align="aligncenter" width="500" caption="3X Small Caps ETF"][/caption]
I considered entering into FAS (3X Financials) for a bounce. FAS actually look better for a bigger bounce on the chart. But I just don't have the audacity to go long with the financials at this time.
[caption id="attachment_1041" align="aligncenter" width="500" caption="3X Financials ETF"][/caption]