I think we'll be looking at some pretty good indecisiveness going into the monthly opex, but I'm very much doubting much of a test below $SPY
$358. It would be a huge stretch to crack $355, so getting pinned to $360 seems like the most likely scenario, even if we have a decent selloff.
I wouldn't think it's worth shorting the market just yet. Even though I dumped call spreads at the close yesterday expecting we wouldn't have a chance at $365 till later in the week, I also covered in a hurry this morning to swing back into a long position.
For the most part I'm just trying to stay neutral and wait for any real dips to cautiously add to my long positions. I don't think $375+ is out of the question in the next month or two, so I wouldn't really want to get in the way of the perfectly good uptrend. I'm guessing the $VIX
hits $21 before it hits $27 again, but I'm overdue to be wrong at some point!