The overnight session seems inconclusive. Price could continue yesterday's bounce higher or resume lower with equal probability as far as I'm concerned.
If it goes higher, I'll add SPY 138 puts until 1394.56 is broken (put on a small position yesterday and scaled at the close).
If lower, the 1370 area is a big level consisting of the 50-day moving average and a 61.8% retracement measured from the 1340.03 low to the 1422.38 high.
Much below 1370 risks a test of 1340.
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