As markets continue to digest macro shifts and positioning resets, one phrase captures the mood: Buy in May and let it play. There’s a growing sense that the tape wants higher—and not just marginally. With sentiment warming up and institutional players seemingly underexposed, a near-term overshoot in the S&P 500 could be on the table.

From a tactical standpoint, this opens the door for structured plays designed to capitalize on a squeeze higher. With momentum shifting and the potential for under-positioned funds to chase performance, here are two option strategies that align well with the current setup:

1. Bullish SPX Call Fly

This structure is geared for a sharp but controlled rally. The risk/reward is compelling, offering a 6.67x payout if the index lands in the sweet spot at expiration. It’s an efficient way to play for upside without committing outright capital to long deltas. Timing-wise, it captures the window into June 20th, aligning with a potential breakout driven by FOMO or macro tailwinds.

2. Moderately Bullish RTY Call Condor

If you’re eyeing small-caps to follow the big-cap lead, the Russell 2000 presents an attractive secondary play. The call condor here offers a 4.55x payout, with a bit more breathing room in terms of price targets. It’s a less aggressive, yet still directional, play for a market that could broaden out.

Both positions expire on the morning of June 20, meaning they’re strictly near-term and designed to ride the current sentiment wave without overstaying the welcome.

The tone in equities is changing—and fast. Whether it’s technical breakouts, positioning gaps, or just seasonality in action, the market feels ready for a move. For those tactically inclined, the next few weeks could be more than just noise—they might be the main event.