As I type this, I am watching the overnight make new lows down 17 handles suggesting all the more that tomorrow (if not overnight) we will test the very strong and unsustainable uptrend line that I have drawn on the chart. Upon a breakdown of that I would not be surprised to see a test of support at 2597 and then potentially lower at 2520.
I believe the market is at an important juncture and likely has some proving to do. If we manage to find support and stay above it, the recent bull-run could have further legs. If not, a test of the December lows (or lower) would be in order. The market internals on the recent run-up were strong enough to make me second-guess any long-term outlook I had. The lines were strong, high-yield debt ( HYG ) recovered immensely after falling off a cliff and the price action in stocks like the financials was stellar . Yet, the real proof will be how well the bulls defend this rally in the face of a sell-off.
I have no trade recommendation other than to pay attention to the points on the above chart. Best of luck trading!