The real question is: Is it ephemeral? Housing is absolutely insane and stocks are blasting to moon.
I don't know. The market has been rallying on bad news. So I would personally stand aside. BTFD is the rallying cry. We're living in nirvana.
Am not super bearish, assume we go sideways down a little into next week, then rally into mid january. Pattern and sentiment suggest that happens.

CBOE giving sell, but can take a couple days before you get a real decline, and at worse, we fall to 2200.

Market very overbought, built on extreme optimism, so anything can knock it down short term is my guess.