As I read this chart the weekly is showing the best support and resistance as of now. This 100MA should be a good support here, but if this is to break there is a ton of weekly candles at this next 1600 level. i would wait to get in today if your going short.. If you want to play a bounce bullish that "might" be safer, but for trading I would leave this alone for today. If anything I would be looking for a break to the downside to this 1600 level if it happens.