SPX is currently outside the guidelines for new trade entry.
The guidelines for the weekly Iron Condor call for "no entry" if SPX has moved in either direction over a one day standard deviation. That move is approximately 15 points according to the calculation on my broker's platform, and SPX is currently up over 18 points. The reason for this guideline is that it presents too much of a risk for "whipsaw" which could negatively affect a short term, non-directional position such as the Iron Condor.
We are not recommending a new weekly trade entry until SPX settles down to be within the guidelines. As SPX is moving up, the volatility index VIX is dropping. So, if the market settles down later today; we will hope that there is still the minimum credit of $1.25 available for the appropriate position.
A trade update will be posted later today.
For those unfamiliar with the strategy, the trade management guidelines were updated on August 7, and can be found here:
Link to Articles
As always, stay keen on your risk management and trade carefully,