So we've broken down from the box I drew a few weeks ago that I posted on chart.ly (http://chart.ly/6grx88i).
My initial target is ~133.50 to 134 on the SPY, and if that doesn't hold, we could see a deeper correction. I started legging into some longs today in small size, in anticipation that 134 will hold, but if it doesn't, I'll probably be stopped out on my positions.
Another thing I'm keeping an eye on is oil, which just had 5 nasty days. I started a small 1/5 size long position today in USO and will average in. USO is pretty oversold on the daily, and I think this level of 36 is a pretty decent spot to buy. I will add more if we get to ~35.