Narrow trading channel on SPY

It looked like we were going to get a powerful trend day after the "gap and go" this morning. I stopped out of a trend day trade in the late morning hours as price consolidated and then dropped through the support of the 20 EMA and the lower Bollinger Band. Losing comes with the territory (but it always sucks).

At the moment (1pm EST), it looks like we have formed a narrow trading range that continues to move down. We have yet to cross the 50 EMA. If we do, it's likely that the trend day bias is kaput.

If we break through the upper channel, we may have a powerful move up. It's wait and see time right now. Aggressive trading is probably a bad idea until things get resolved.