At some point there will be an opportunity to short the market but I would not simply short a price; I would wait for red and for short term EMA's to rollover.
Historically, the 38th, 39th and 40th week of the year have been the worst weeks for the market. In the case of 2016, this would be the period between September 19th through October 9th.
We may have to wait a bit unless there is a catalyst that spooks the market.
- Will Yellen surprise us at Jackson Hole?
"The topic of the Aug. 25-27 conference is "Designing Resilient Monetary Policy Frameworks for the Future" -- a stuffy topic even for an economist. Make no mistake, the speech by the Fed chair is the highlight of the event. For context, the Federal Open Market Committee meeting minutes come out Aug. 17 -- the week before the conference, and the FOMC's next meeting to decide on interest rates will be Sept. 20-21, almost a month after the Jackson Hole summit."
So the volatility risk / opportunity starts before the Sept. 20-21 event already shortly after Aug. 25-27, 2016, when she might hint to the market what kind of decision they might have for September.