Waiting to BTFD

I exited the trade before the stop loss was hit because the market looked and felt quite different. The impact the of the downgrade seems to be aving more effect than I had initially thought. The index was yet to get to the 50 day ema. but on its way there.
After having broken a broken a support level.
However I still think the line of least resistance is still upward. The index could be forming a range between 4403 - 4595