SPX is outside the range for the January weekly Iron Condor Entry
As stated in the guidelines for the weekly Iron Condor, it is recommended NOT to enter a new position if SPX has moved a one-day standard deviation in either direction. According to the calculation on my broker's platform, the one-day standard deviation is 18 points.
As of this writing, SPX is down over 21 points, so outside the recommended entry point.
Even if there is a recovery this afternoon, I am not sure I would trust a short term recovery on a Friday afternoon, and feel it's the best risk management to keep cash as my position . Given the price action this week, there is quite a battle going on between the bulls and the bears. For my conservative trading style, it is not worth guessing who will win the battle by entering a short term trade until there is a clearer picture of market direction.
Next week we have the monthly SPY February position to look forward to, as well as the "test kitchen" 14-Day Iron Butterfly on SPX.
Trade updates will be posted as appropriate.
As always, stay keen on your risk management and trade carefully