SPY Options Alert - Expect a pullback on the daily
Historically, SPY pulls back on the daily when it clips the overbought level at 70. We did have a moment back in beginning of January where it ran hard in overbought territory before dropping hard near the end of the month, but for the most part, I expect a pullback to relieve psychological pressure, even if briefly. Might be a good point to buy an options put at end of day, wait for the drop in the morning to release some steam on SPY, and you might catch more than just a morning pullback, but an actual 3 day bearish pullback.
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