With the SPX at 1399, let's:
Sell 20 July SPX 1250 puts - SZPSJ
Buy 20 July SPX 1240 puts - SZPSH
Credit of about $.60 ($1,200)
Maintenance is $20,000. Cushion is about 149 points with seven weeks left to July expiration. Depending on how the market moves today, you may have to wait for it to come down a bit to get the $.60, or you may be happy with $.55 or $.50.
If you don't get the trade off today, it's likely that there will be other opportunities. I just like to trade on Fridays if the opportunity is there.
Double check your symbols and adjust the number of contracts to your risk tolerance and account size.
I'm not ready to put on any bear call spread at this time.
Be careful and trade smart.