Upside target: 288-298 (Maximum: 301)
Above 301 will invalidate my expectation to the downside.
Downside target: 228 - 218
You can wait a clear break of 270 to enter trade or enter near 290 - 298 level.
OR you can buy vertical put spread now:
BTO 1 x June 2020 280
STO 1 x June 2020 260
Cost of trade is roughly 6$
I bought a 280...
I was waiting for such moment from 2018. The divergence on $SPY and $SPX was huge and this was about to happen, just matter of time.
Technically speaking, I would love to see 221sh level or even 202 level, which is 50% retracement from March 2009 low and Feb 2020 ATHs.