It is a bull market. As of now I do not see signs of distribution. When you see series of 300 plus day on downside is when you need to get worried.
Keep looking for non extended breakouts. Some extended stocks are vulnerable to correction and so selling them in to strength or protecting profit is the key on them. Look for breakouts with 10 to 20 days plus consolidation. There are number of stocks setting up like that correctly.
Sector rotation is visible with oil stocks attracting buy interest recently. Many of them had gone sideways after first rally leg in October.
This is the time to focus on momentum and earnings breakout. Not a time to do untested stuff.