SPX 865 is a HUGE LEVEL!

On October 16, the SPX bottomed at 865 btwn 10:45-11am ET. The index then had a huge high-volume reversal, rallying 100 points to 965 by 2pm the following day. The bulls need to defend 865 because a break below could cause a whoosh down (large sell programs) and possible break of the October 27 closing low at 848.