We now have a clear impulse move up from the lows set in late November.
From here, the odds favor a 50% correction of that move which would bring the S&P 500 back
to 1450 or so.
Short term traders can look to lock in their profits of this rally and if aggressive can start putting a short line out.
Intermediate term traders should be looking to pick up more equities on the correction and also look to confirm that a correction is all we are going to have.