I'm not convinced that buying LEAPS after S&P announcement is wise. Why do I say that, well the resulting squeeze, if there even is one - because this is not a given, would be relatively short-lived, and then the SP would fall back down again, might even fall lower than it was, we do not know. Sure, we all say "less shares in circulation = smaller float, higher prices", well right now the float isn't being used by any stretch of the imagination, who's to say it won't be the same afterwards.
And then if you did buy LEAPS, who in their right mind would then buy them back off you at the peak of a squeeze, knowing it's going to fall back soon? That would be a poor trading decision. Weeklies, yes that's another matter, they may need to be covered, but LEAPS, wait-and-see.
I think the best play on S&P is a series of ascending sell orders, starting at your personal minimum sell price and then going up X dollars for each tranche. Pick a less obvious staring number, say $772, to avoid psychological resistance points, and then either add an arbitrary number, say $57 to the next tranche, or multiply by a factor, say 1.07. Again, avoid 800, 850, 900, etc., everyone puts their sell orders there.
Then either buy that island we've been talking about, or rebuy as-and-when it drops.
Only caveat is that pre-set sell orders only execute in main market, some might want to get in on the action on the AH the day it's announced.
Just my own thoughts, not an advice.