Changing my tune: Looking for a Bull Put Spread

Well over the last week the SPX has been making a pretty good recovering and technically speaking it appears to be making a Bull Flag pattern – a bull channel with a rising support and a lower rising resistance.

With the index just above the 50 dma, it is time to look for a bull put spread. Looking at the channels support line, the 50 dma, and the 30dma, it will be a good idea to start looking for a trade below the 1250 point. For a very safe trade we can look below the 1200 point, however not sure if we will be able to gain enough premium without having to go too far out to make a trade below 1200 worth while.
Remember tomorrow is expiration, so check last months credit spread trades and close them if you have to.