The bears have taken SPX out of entry range today for the SPX Weekly Iron Condor.
For those of you who follow/trade the SPX weekly Iron Condor, you will recall that the guidelines call for a "NO ENTRY" signal if SPX has moved up or down over a one-day standard deviation. According to the calculation on my broker's platform, that is 22 points.
As of this writing, SPX is trading at 1889, down 26 points from the close yesterday. It is not recommended to enter a new weekly position today. This is a weekend to hold cash as our position and be patient while the market settles down.
We will evaluate the market on Monday and may consider a shorter-term entry, depending on the overall market and available credit. If I don't feel there is a sufficient risk:reward for a Monday entry, we will skip the February 2 weekly cycle, and look forward to entering the March monthly SPY Iron Condor early next week.
As always, stay keen on your risk management and trade carefully,