Let's be brave here and sell the Ultra S&P500 Proshares (SSO) on the August 50 strike. The target price is $2.00 but the open interest is low with July options still capturing the volume. So you might have to sell close to the bid price.
Below is the chart of the S&P 500 showing a fibonacci retracement chart. The S&P has retraced 127.2% of its March to May advance. With the spike in the CBOE Volatility Index followed by the contraction I think we got a little capitulation today. The technical stop is at the break of today's low of $54.00. When I began writing this the August 50 was priced at $2.00.