Protect a possible reversal in SPX
SPX is falling below the 3100 level as of writing. The index has reversed down from this big trend since May. We have seen some rather volatile intraday sessions over past days, but market has managed coming back, both ways. I would be dancing very close to the exit here, and would start thinking about net shorts if we close below the 3100 level.
First stop at 3080, and the big support down at 3040 (Chart above).
VIX is picking up last 2 days and is up from the levels I mentioned as good buy volatility as protection levels. VIX does not trade as a normal char for obvious reasons. I would look at put spreads here. Not pay too much premium, but still protect the portfolio. Why not a 3080/3040 put spread?