What goes up must come down, right? SPY is forming a triple top on the one month chart, having some real difficulties breaking above 294 as illustrated by a colorful picture here. Failing to break above it again might cause it to plunge below the support @ around 283.
Technical dickery aside, the trade wars are not going too well and tariff man has a big mouth. Judging by his tweets tuesday is going to open red so the puts will be a bit pricey compared to friday, but I believe there is a real chance to break the support and then all hell breaks loose. I´d recommend at least one month expiry puts if you want to play a deeper dive. P*ssies take profit @283 and if you want to apply damage control (lol) you can sell the puts @295 for a loss.
Edit. Here’s the chart from last December’s dip. looks a bit similar.
Disclaimer: Consult your financial professional before making any investment decision.