Call entry triggers on a confirmed break above $756.09 — wait for a full candle close above that level, not just a wick. With a $1.16 stop down to $754.93, PT1 at $757.23 gives you roughly 1:1, which isn't worth the theta bleed. At -$0.523/day on a Friday expiry, this contract loses nearly a dollar by Monday open if you hold over the weekend. Target PT2 at $758.36 for the 1:1.9R payoff, but with ATR at $0.30 you need a sustained trend day to get there — scale half at PT1 and let the rest run. The bullish bias supports this direction but low volatility means moves will be slow and grinding. Don't chase above $756.50 or the math breaks down.

The put is the better structured trade today. Entry below $755.79 with a tight $0.91 risk to the $756.70 stop gives you 1.2R at PT1 and 2.5R at PT2 — significantly better payoff ratios than the call side. Theta at -$0.296/day is almost half the call's decay, so you're paying less to be wrong. The higher delta at 0.540 also means faster P&L response per dollar of SPY movement. The catch: bullish bias means you're fading the prevailing direction, so demand stronger confirmation — a decisive break and retest of $755.79 as resistance before committing. If SPY holds above pivot at $755.95 in the first 15 minutes, stand aside on puts entirely.