Downtrend manifests, watch out for seasonal low in late August

Downtrend has established after topping at 50.

The 200 day MA (yellow) provided some support for now, but on the upside the 7 day MA (red) acts as resistance in this downtrend channel.

I am looking for another test of the lows at 39. Further support comes in at 36 then 33.

Option idea to consider IMHO:
as we near upper trend line: --> sell call spreads and buy a put
as we near lower end, get out and sell p spreads (dont buy calls here)