SPY is down almost 20% YTD, and with inflation, that's more like 25-30% in real terms. There can always be more downside but the risk/reward of buying puts seems pretty bad right now. You're either betting on catching the last 5-10% downward move, or you're betting on a major recession where we drop 50%-ish from the highs.

I like selling fairly OTM covered calls right now.