Bulls still on S&P 500

Once again using the world's simplest trading system as a guide, a likely close tonight above the 10 month moving average signifies we should keep invested in the US equity market. Interesting thought came to mind as we look at the monthly chart, what if we sell a Put option using the Moving Average as strike price level every other month as long as the month end close is above and vice versa sell a Call option if below? Structure it as vertical spread to limit downside risks.