Yesterday was the 58th day to August SPX option expiration. So I started my 1st option premium selling trade for August and will continue to add August income trades to my portfolio in the next few days, pretty much one trade for each other day. This is a typical trade with short options of Delta around +/-0.23 for a credit of $6.65. I could have sold credit over $7.00 with other strikes of Delta 0.25. But I chose smaller credit for higher probability after looking at the resistance and support level.
If the market does not show any significant bearish signs, I'll use all iron condors for the August portfolio. Otherwise, I may use verticals and double calandars for it. On the 4th trade, I'll assess my portfolio Delta and consider adjusting the Delta with multiple trades that receive smaller credits. If that is the case, I'll also split the trade into two days in order to reduce the risks.
Currently, the SPX option chain still projects a higher possibility of downward movement in the future, since the average monthly volatility values are higher for longer time expiration series. We'll see if this term structure will be changed in the next few days.