There is three reasons why the market is likely to pull back.
1) VIX opened and closed above its Bollinger band. From Cobra: 81% chance of market revisiting the Apr 6 lows
2) The RSI made new lows and hasn’t show positive divergence. Down momentum is strong
3) The last down leg exceeded the 100% measured move which usually means another leg is likely.
What’s my plan? I’ll probably adjust slightly on any big bounce to make sure my deltas are zero to slightly positive.