Long straddle on SPX

The SPX is closing on a crucial resistance level 1130pts (reached in June & August before), the index volatility is towards the low and the Vix is moderate. It looks to me that we've got the ideal conditions to set-up a long straddle.
Any views? Thanks.

This upmove is losing and has been losing steam for days now. A correction is over due in my opinion. I wouldnt have thought it goes that high .... acutally, I do believe in the weekly chart we will see new highs, but before that should come a higher degree correction during the next trading week.... maaaaybe

alphahunter said:

The SPX is closing on a crucial resistance level 1130pts (reached in June & August before), the index volatility is towards the low and the Vix is moderate. It looks to me that we've got the ideal conditions to set-up a long straddle.
Any views? Thanks.

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