The buying down at 40, 20 levels are late buyers "forced" into buying so not to be underperforming the broad indices just in case they bounce a lot higher. It is a lottery ticket for them as many has their performance bonuses tied to their ability to outperform the mkt by certain percent. 
That reduced the flow and in general created an updrift.
I do not have the finalized short interrest and other related data until weekend (yes, it is still like that), thus I cannot tell how much flow is reduced ...
I remember posting about 1st hitting 880 or higher we may see a drop to 820, then maybe another one up to 920 to 960 and then drop back down to 850... a bumpy ride to 1000 that can finally neutralize various oversold conditions.
The longer it takes the lower the next swing high would be.
That reduced the flow and in general created an updrift.
I do not have the finalized short interrest and other related data until weekend (yes, it is still like that), thus I cannot tell how much flow is reduced ...
I remember posting about 1st hitting 880 or higher we may see a drop to 820, then maybe another one up to 920 to 960 and then drop back down to 850... a bumpy ride to 1000 that can finally neutralize various oversold conditions.
The longer it takes the lower the next swing high would be.
