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 16 points. As of this writing, SPX is down 18 points, so outside the guidelines for a new trade entry.
Even if there is a rebound during the day, I feel it is the best risk management to sit on the sidelines and not risk live capital with a trade entry in what I see as an unfavorable environment. In addition to the usual weekend risk, we have the added element of the looming FOMC meeting and announcement next week, which normally makes decay slower than normal.
We are NOT recommending a new trade entry today, and will let the dust settle after FOMC next week for a better trade setup.
As always, stay keen on your risk management and trade carefully,