There have only been four down days in January, and as a result the market is very overbought. The intermediate-term indicators are mostly still positive at this time, although there is one glaring exception — a new sell signal (just registered today) from the standard equity-only put-call ratio.
Other intermediate-term indicators remain positive, though. For example, $SPX is still clearly in an uptrend. However, if the 1260 level were breached, that would be much more bearish.
Breadth indicators remain on buy signals. $VIX remains in a steady downtrend, which is also bullish.
In summary, a short-term correction should begin almost immediately. But the intermediate-term bullish trend should be able to reassert itself.