I don't understand what you did here. Please help me. you bought 5 weekly 1470 puts which were priced at 2.88 per put? And you sold them at prices of 20, 24 and 30?
Fueled by overbought conditions, a nice short squeeze coupled with a launch well beyond 1500 would creative a serious support level. Tough signals (for me) in the short term. When all else fails, scalp for a couple points ES and add to Long SPY on all dips.
Being overbought doesnt really mean anything... markets need an excuse to selloff, there is just nothing on the horizon that could possibly trigger this (hence the extremely low vix/volatility). Never short a dull market.
No doubt. Just reflecting what I am hearing from some committed shorts. Hindsight will either show it was a great place to take several points short for the cool off, or a great place to get completely squeezed. I can't guess that well, so scalps on ES and long SPY on the dips.