As you can see we're bouncing off the 50sma. Annoying but not surprising. Especially annoying because all the major equity indices are down today and the VIX is up. My Feb 230/210 Put Spread position is about break even at this point but I'm going to hold on and see how price reacts to the bottom trend line of the up channel. We're currently still below the 8ema which is encouraging. It would be best if we don't close over the 8ema, but even if we do, I'm going to use the trend line as my stay-in/get-out indicator instead of the 8ema on this one because I think it carries more weight. Also notice the 20sma coincides with the bottom trend line of the up channel. This could add some additional resistance.
I expect we'll reject off that trend line, if not earlier off the 8ema, and head back down to at least the 50% Fib around 219, which is still my target.
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