Not that the SPY is definitely going to reach $110.45, but I think the chances are very high that it happens today or tomorrow. Regardless of when it happens, it will present a nice opportunity to short the markets. We should get a bounce to the downside from this range. I think $110.45 is a good spot to try and enter the position. You could play it safer and wait till SPY reaches $110.58. Or you could play it slightly more aggressive and short at $110.34. But $110.34 to $110.58 is the range. $109.87 would be a descent target on this short. There is always the chance that this range may be a short term top in the markets. To prepare for this possibility you should keep 1/3 of a position just in case the markets head down significantly further. However, since options expiration is this Friday, I wouldn't count on a significant move to the downside until at least next week.
Just a note, I don't want to sound over confident that the market heads back down. There is still room to move up. If SPY does break through the key $110.45 resistance, look for more resistance levels at $110.68, $111.10, $111.44 and then another key level around $112.
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