The S&P 500 needs to break 4300 as there has been no test of this level since it broke through on June 12th. Meanwhile, 4400 and 4500 have been tested multiple times.
4500 has broken above and below this level 6 times. That has happened over three months. 4400 has broken above and below its level 10 times over four months. You get the idea. We show the same data points on 4300 down to 3800.
The S&P 500 ripped through 4300 and never looked back until recently. Now it is firmly in the rearview mirror as we enter the last week of the month and quarter. Puts are not expensive and might be a good idea.