SPY is likely in a wyckoff distribution phase right now. With RSI extended and the chart flatlining just like in 3 previous relative tops I expect this summer to see a 10-15% correction. Sadly, thanks to the volatile nature of these distributions I don't see puts as attractive as I wish they were. Commodities are rallying hard and so diversifying into that asset class carries the risk of a momentum reversal. Crypto recently underwent a sharp sell off and some has recovered. It's possible to park some cash into crypto for the near term as a hedging vehicle. Otherwise, taking some cash off the table might be prudent while waiting for a substantial dip to buy or a clear breakout from this consolidation.