Should I adjust position size before ISM Services PMI?

Before ISM Services PMI reduce your iron condor size to 50-60% of normal. This event frequently spikes VIX 1-2 points in minutes and can push SPX through your short strikes even when the report itself is in line with expectations.

ALVH rules are clear here: when implied move exceeds 0.55% or VIX is already above 18, cut size. Services PMI regularly creates that condition. Smaller size protects your wing-width management plan because you will have more dry powder if you need to roll or defend after the print.

Keep your standard 45-55 delta short strikes and 12-15 point wings but simply trade fewer contracts. Once the number is out and SPX settles for 10-15 minutes you can add the remaining size if volatility collapses as it often does. This is the disciplined way to respect the setup without sitting out the edge entirely.