Author is watching for SPY 700 to buy puts on expected algorithmic selling.
Unpriced research observations (excluded from Calls and Returns):
SPY — WATCH The author believes SPY 700 is a major psychological barrier where algorithms will trigger automatic selling. They are watching for that level to buy puts, expecting a decline. The trade is conditional on SPY reaching 700; the author would profit from falling prices. ambiguous_option_contract
SPY 700 is the next big psychological barrier and a lot of algos will trigger auto sell once that is reached. Watching for that level to buy puts.