Picking up a smaller starter position after hitting the 4185 price level I have been anticipating the SPX to come in to before the next leg lower.

As discussed in the Post-Market Review, I will be legging into an iron condor, this being the first part, as I expect the SPX to stay range bound over the next several weeks. Here's the shared chart for ThinkorSwim: http://tos.mx/2eDM2JX

I'm expecting price to continue higher and hold above the 4235-4220 price levels.

I'm selling these calls against my July 410 Long Calls to reduce my overall cost basis in the July Long Calls as I expect the SPY to retrace down to approx. the 403-400 price level early next week. Here's chart on /ES: http://tos.mx/MKrKogO

ADJUSTMENT 05/27/2022 @ 3:40 PM ET: I rolled the Bear Call leg of my iron condor out to 1 JUN 2022 for 1.70 Debit leaving me with 0.40 of net credit as my original credit on the Iron Condor was 2.10. I did this as we will be rolling back down to the 4015 price level and it doesn't make sense to let this position go out with a max loss. ========================================================== I expect the SPX to stay between the 4120 and 3820 price levels through May 27th. We will likely bounce up towards the 4060-4100 level going into Friday May 20th and then continue selling off into the next week. Here's the shared chart: http://tos.mx/vlKEPHv

I'm adding this Bull Put as a hedge to my 4260/4270 Bear Call in the same expiration. With how quickly price came back to the 4260 level, I expect price to rise back above the 4260 price level before I begin to capture time value from the bear call. I'm adding this position with the same number of contracts that I have on the bear call which only serves to reduce my risk and does not increase my risk whatsoever. I will take profits on this bull put somewhere between 4400-4440 and likely leave the bear call if price looks poised to roll back over.

This is admittedly a very risky and speculative position. With that said, the S&P is indicating a bounce before dropping further as price action has developed throughout the day. With CSCO sitting right at a 20+ year auction zone, I suspect their earnings call will be positive and will be part of the catalyst to push the S&P towards the 4100 price level. Here is the CSCO chart: http://tos.mx/HdKMtIc

Expecting a strong support response at the 610 Fib moving average. Here's the shared chart: http://tos.mx/TKjkexQ

****CORRECTION TO STRIKE PRICES AND CREDIT RECEIVED > I ACCIDENTALLY EXECUTED A DEEP IN THE MONEY BEAR CALL AND FAR OUT OF THE MONEY BULL PUT WHICH GAVE ME THE 43.00 OF CREDIT REPORTED. THE BEAR CALL HOWEVER WAS NOT THE STRIKE I INTENDED ON AND HAVE CLOSED THAT EXISTING POSITION FOR BREAKEVEN AND CORRECTED THIS LOG TO REFLECT BOTH CORRECT STRIKES AND CREDIT. I WOULD CLOSE ANY POSITION THAT ACCIDENTALLY HAD STRIKES THAT AREN'T THE ONES IN THIS UPDATE AND RE-OPEN WITH CORRECT STRIKES*** As discussed in the daily outlook this morning (02/24), I have some vulnerabilities in my Zones Portfolio that need hedged, purchasing directional options are extremely risky at the heightened levels of volatility that we currently have. I have decided to open a wide spread, and extremely far out of the money Iron Condor that provides enormous hedge to existing positions, exposes me to significant upside reward, and limits vulnerability to chaotic price action that is to be expected to continue. Here is my ThinkorSwim shared chart: http://tos.mx/DCleq6m

I closed my Long Calls which were added as a hedge last week when the outlook was uncertain and pivoted the risk capital from calls to puts as I see a fairly precipitous drop over the next 3-7 days in the S&P 500 as more information comes out regarding the Kremlin's intension's following the initial invasion of Ukraine by Russia and various consequences announced by NATA and UN nations.