No hedges now, you can jump in and risk 1% with either a 3 ATR stop loss, or a new daily low if bold.
SPX cfds are a good option for FX traders who don't trade equities, you may enter here if not in.
Stop at today's low +1 tick is ok.
You can simply go with no stop and size it to fit 20% of your cash in an equities account.
We still have rather easy upside to 228-229.
Right now, a few names are very attractive, VNQ, OXY, TSLA, LGIH, LNTH, F, GM, etc.