Normally, when an extended market runs up strongly into expiration I would expect an expiration hangover where the market is weak in the days following expiration. However, Friday's hard down day might mitigate some of that weakness.
I believe we are in the process of forming a top but I don't think it will be straight down because we are still in a seasonally strong part of the year. While I plan to maintain a net short position, I will likely cover some shorts if the S&P 500 approaches 1180, with the intent of putting them out again on a pop. A topping market can provide some excellent range bound trading opportunities. I am really getting tired of markets that only go in a single direction.