This is classic distribution and looks to complete BOI at the above targets. Based on option flow, appears we may see a squeeze into end of this week. Big put position opened as notated on the chart. Rejected at the 10ema and below the 20VWMA. Player buying into October, which typically means they expect some short term strength.
In context, it's a 1.8M bet, but probably could've purchased cheaper insurance with VIX, so doubt it's a hedge.