There has now been a 45 point correction on the S&P 500, which is inline with previous corrections since the July low. I believe we might see some more downside but that we should get a bounce into the new month. That is the reason I took some profits on my short SPY position, by selling covered puts.
I don't believe a bounce will take us very far and that we will ultimately go lower in the weeks ahead. The puts I sold are pretty far out of the money and should still allow me to capture a good amount of downside on my SPY short.