Poor job report on Good Friday while market was closed ruined many bulls' long weekend. Gapped down in Futures have remained about the same level. Bears finally will have a follow through with a red gap today, but let's see if the buy-on-dip modus operandi have become passe for real, or have the polarity changed.
The SPY and VXX have a well defined channels on the 60 minute charts.
For the SPY 138.20 and along the dashed projected lower trend line of the channel should be the magnet.
For the VXX, 18.86 and the upper trend line of the up channel should be the magnet. The Fib extension levels are also provided for reference, should things get ugly.