Is it possible to sell higher striked put spreads to help reduce your net delta? Sure.
But if the market rips even higher, then that delta goes away and the delta on the short call spread continues to be a risk.
And on top of that, you add downside risk. And you want to sell those spreads after the market is up 4 days in a row and actually starting to look a bit overbought here.
If/when the market pulls back, *that* is when it makes sense to resell some put spreads.
You want to sell put spreads into weakness and call spreads into strength.
Keep in mind, it’s completely normal to feel squeezed here. Since the original entry point, the SPX is up 100 handles higher without any kind of reversion whatsoever.
We anticipated this by going half size on the call spread side and then rolling/adding once we got further upside action.
If you really, really need a hedge, then buying some calls a little further out in time makes sense. Knowing your situation you could also pick up some SPX CFD’s for a straight delta hedge.
As for me, I’m keeping myself exposed with short deltas because I’m comfortable owning those short deltas into 2050 on the first test.