Ready for a Bounce?

Price tested below the lows of last week, but the VIX actually closed considerably lower than last week.  Note that today's action tested the bottom of the rising trend channel in place since the middle of March.

Closed the April put debit and call credit spreads on the ES for nice gains.

Opened an SPX put spread, establishing an iron condor against half of the existing June call spread.  This iron condor is technically held at zero risk because the premium received exceeds the risk of either one of the wings (it's only possible for one of the spreads to expire in the money).  If there's another small move down in the morning, I'll establish an iron condor on the rest of the SPX call spread and try the same for the RUT spread.