SPX is out of entry range; no new trade entry today.
The guidelines for the weekly Iron Condor call for a "NO ENTRY" if SPX has moved a one-day standard deviation in either direction. According to my broker's calculation, a one-day standard deviation as of today is 13 points. As of this writing, SPX is down 22 points, so outside the guidelines for a new trade entry.
Even if the market settles later in the day, I still feel it is better risk management to sit on the sidelines and keep cash as our position. It is not worth risking hard-earned capital and taking on unnecessary risk. The market has been in a consolidation mode for weeks, so this move down could be a signal that we may see more to the downside. On the other side, we could also see a violent bounce on Monday that could potentially hurt a new position if opened today. There is always another week to enter a new trade.
We are NOT recommending a new trade entry today, and will look for a better trade entry next week. Remember, "Infinite Patience Yields Immediate Results" (author unknown).
We will look forward to entering the SPY monthly Iron Condor for October early next week, as long as the market cooperates and there is sufficient credit.
As always, stay keen on your risk management and trade carefully,