This morning I set up an August SPY 198/199 credit call spread, collecting a $520 credit on 10 contracts.
There is solid resistance just above the 198 level. I believe trading will be sideways to down before we get any sustained follow thru over 198. My plan is to simply close the trade and book profits on a pullback to the 195-196 level.
If I'm wrong, no worries... I'll just roll it up a strike or two and out to September. That's the beauty of options - flexibility baby!