I was waiting for the 415.50 level break. It held for most of the morning and looked like SPY could break out today, but instead it broke down and I was ready to take either trade. I had gotten cut up trying to position for a breakout and getting repeatedly stopped out.
I was trading mostly the QQQs before this, but I have been watching them as correlated pairs lately. QQQ has been weaker, so if it breaks down ahead of SPY, or vice versa if SPY breaks out before QQQ, then that is very interesting trade information. Today, QQQ and SPY were consolidating in a relatively tight range and QQQ started breaking lower. SPY was a little slower and I was able to get in closer to the consolidation area and thus lower my overall risk while taking a large initial position. The fact that QQQ was selling hard gave me overall confidence that SPY could not hold up.
Ultimately I only traded this from one price level to the next. I got out when it looked like QQQ would move higher and I ended my trading session for the day. This one trade took me from overall negative to positive on the day.