My S&P 500 (mini) volatility model is bullish and volatility is very oversold, which matters in this case:

Vix

The S&P 500 is in a negative (weak) trend:

Es

It is overbought but that is somewhat redundant since that calculation is logically almost equal to the flip side of the volatility oscillator. Oil has not really rallied with the stock markets over the last 5 sessions but it’s anchors have both swung into bullish trends:

Oil

Rather than short S&P futures against oil, we can use the cheap volatility to buy puts instead against a long QM, CL, or USO line. If it all works I’ll get the benefit of the delta and a rise in vol (vega).