SPY July$202/197 bull put spread, the SPY did broke the up-trending support line but formed another bottom around $208, which was far away from the short strike of $202. Due to the general bullish outlook, I’ll target for 70% of the max potential profit for closure on this position. For the XLE July$76/71 bull put spread, XLE dropped after the day of entry to as low as $75.88. It did not trigger my adjustment yet, as the Delta of the short strike did not reach 0.65. For this position, I might try to exit as it reaches break-even point in the last 3 week before its expiration, following my exit plan for failing positions. Contrary to normal actions, XLE’s IV reduced as XLE price fell in the last month.
Based on my current projection, SPY may rise to $213 area in a few days. It would be good for a bear call entry for IWM at that time since IWM outperforms SPY for now and will be extended from upper Bollinger band most likely.