We see today that the E-mini S&P 500 futures have broken their 2018 upward supportive trendline. Granted we are only 30 days into the year, so it's not like this line has been supporting this market for a year, but it is still significant.

I would not be surprised to see the market move lower towards the 50% 2018 retracement level of around 2773. This would be about 2% below current levels. Highly possible in my view.

The bond yields have been rapidly rising in 2018, which could be providing headwinds for the bulls. The Fed meeting is tomorrow; they might be more hawkish than the market had been expecting before this week. 

The stock market has traveled almost into the clouds; it may be time for a 2-5% correction.