SPY Bounced! - Key areas to look for

SPY had a big gap down today all the way down to 427.46 (-1.65%) but managed to bounce back at close. Here are the key areas to be watch out for.

- A have some good support at the 21day EMA (426.75ish) and could play it off the bounce there for a short term play to the upside.
-A close below the 21day EMA would be a bearish sign and we could see it testing 50day EMA again as you see in the chart. If we close below 21day EMA, I would play it to the downside with a short term target on the 50DAY EMA.
-Going all the way down to the 50DAY EMA would be considered as a small correction. That's about another 2.44% downside from where we're at now. If we somewhow get a mini correction all the way down to 50DAY EMA, this is where I would load up on calls as this has been a major major support in the past couple months.

SPY