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+# SPY Bull Put Credit Spread — 2026-07-31 1:30 PM ET
+
+**Date:** 2026-07-31
+**Session time:** 1:30 PM ET
+**Asset:** SPY
+**Expiration:** July 31, 2026 (0DTE)
+**Direction:** Bullish — slow grind higher
+
+---
+
+## Trade specs
+
+| Field | Value |
+|---|---|
+| Strategy | Bull Put Credit Spread |
+| Short put (sell) | $740 |
+| Long put (buy) | $738 |
+| Width | $2 |
+| Credit target | ~$0.40–$0.60 |
+| Max profit | credit received (20-30%+ of width with 0DTE theta) |
+| Breakeven | $739.40–$739.60 |
+| SPY price at time | $744.72 |
+| Day range | $737.68 – $746.30 |
+| Time remaining | ~2h 50m |
+
+## Thesis
+
+SPY is holding the upper 80% of today's range on low volume (39% of average). Low volume + upper register holding often prints a slow grind higher rather than rejection. A credit spread is preferred because theta works in our favor — every minute of 0DTE decay adds to profit. We don't need SPY to rally; we just need it to stay above $740.
+
+## Key levels
+
+- **Resistance:** $746.30 (today's high), $748 (mid-week), $750 (psychological)
+- **Support:** $741.69 (yesterday's close), $737.68 (today's low)
+
+## Entry
+
+- Sell $740 / Buy $738 put spread
+- Target credit: $0.40–$0.60 (20-30%+ of width)
+
+## Exit plan
+
+- **20% profit:** credit of ~$0.50 → sell 50% at 20% back (~$0.10 credit retained)
+- **Runner:** trail remaining 50%, close if bid drops toward breakeven
+- **Stop / defense:** SPY closes below $739 → consider early exit or roll
+- **Max risk:** width minus credit (~$1.40–$1.60/contract)
+
+## Why credit spread over debit spread
+
+- **Theta works for us** — 0DTE decay accelerates all day, especially after ~3:30 PM
+- Higher probability — spread is well OTM below yesterday's close ($741.69)
+- We profit from the grind *and* from the standstill
+- Debit spread needed active upside; credit spread profits from not failing
+
+## Notes
+
+- Low volume today may cap upside speed but also reduces downside momentum
+- Theta accelerates sharply in final 2 hours — monitor decay rate after 3:30 PM
+- If volume spikes downward, reassess the $740 support level