I guess I should comment on the VIX. It has spent the better part of the last 29 days under the 20 day MA. It happens that the same happened in December thru early Jan for 29 days.
Also, the VIX is now slightly below the 20 day MA right now and likely to cross it soon. Until the VIX gets back above 42, I can't say that this is going to be a major correction. But, that said, I think this is going to be a major correction (down to 760 at least). :)
I am travelling most of the day tomorrow so I won't be watching the market. Which is probably a good thing because many investors make the biggest mistakes the day after a big move.