It appears that the market is entering a corrective phase. I have found that the most important aspect of corrections is time and not price. The earliest one should be looking for a bounce is late next week as we approach month end. Today is only day one of this decline. That does not mean that we cannot or will not bounce, only that it is not a high probability bet.
The market has been going up for well over four months now, with nary a correction. There is a decent chance that we will see an intermediate term decline. In that case we might not see a sustainable advance until late February. For now I am withholding judgment on whether we are in a short term correction or an intermediate term one. Either way it is too early to buy.