Watch your step, bulls. 

The market has fought hard to claw back gains after last week's vicious selloff. Stocks posted their first two-day winning streak of 2018 on Monday. The gains of about 3% marked the best two-day performance since June 2016, points out TheStreet's market editor Joseph Woelfel

Prior to trading Tuesday, the Dow and S&P 500 remained about 8% off their peaks on Jan. 26.

But those thinking the correction is over might want to think again. Technical market indicators are still not flashing the all clear sign. 

"The recent correction has caused both weekly and monthly momentum indicators to turn down, raising the question whether the sell off is the beginning of a deeper correction," Fundstrat strategist Robert Slymer says. "While this risk is a concern not to be dismissed lightly, we would counter the market's uptrend remains intact and we have yet to see evidence of the type of distributive breadth and leadership divergences that normally accompany major cycle peaks."

Sluymer remains bullish on the market this year. He recommends several big-cap plays such as Goldman Sachs (GS) , FedEx (FDX) , Action Alerts Plus holding Raytheon (RTN) , Action Alerts Plus holding Nucor (NUE) and IBM (IBM) .

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