Simply taken from technical analysis, the SPY is setting up a very simply short trade. There are a couple ways to take this trade but the basis points of them are the same. At a price below $205.51 enter SPY 1/15/2016 $202 puts. For highest probability look first for $204.67 failure so that you at least have a $1 move probability in the gap fill. Watch for the gap fill to serve as support and be prepared for an exit, but should that point fail we drop another $3 over the next week or so.