The $SPY options heat map is leaning slightly bullish to neutral going into tomorrow. The biggest concentration of options traded today was around 742, 745 and 746. Those are the levels institutions cared about the most. As long as 742 holds, I think buyers have a chance to make another run at 745-746. Lose 742 and especially 740, and I think the door opens toward 735. One thing that also stands out is the amount of puts being sold at 735 and 728. That's generally not what you see if traders are expecting a major breakdown. If price gets there, those sellers are willing to be assigned. Overall, I still see positioning as slightly bullish to neutral. I'm also keeping Friday's $VIX signal in the back of my mind. A greater than 10% $VIX close has historically led to an #SP500 rally within two trading days around 85% of the time. We didn't really get that follow through today. If that historical tendency plays out, tomorrow would be the next opportunity. For my own plan, I'm shifting my July call profit target to 749. That's also where I'll be looking to add some insurance. As always... We'll take it one level at a time.