Correction or sideways?
Market taking a breather after the recent rally. I would think that the market is taking a break from the rally for now. Corrective levels below are the 7 day MA at 164ish, 20 day MA at 158 and 100 day MA along with the lower line of the upsloping trend channel.
Option vol went out on the move, but commercials seems to be selling as physical prices in Brazil are as high as ever and provide good selling opportunities for commercials.
IMHO, downside 1x2 calendar spreads or short call spreads are options.