According to Takada, investors might be keen to buying the dips through the rest of February and into early March.

“We believe as a short-term trading strategy of buying on dips from end-February to beginning-March targeting a subsequent return-reversal is attractive,” said Takada.

How high can the S&P 500 go from here? According to Craig Johnson, a chief market technician at PiperJaffray, a key level to watch next will be the 2,800 mark.,

“At this juncture, the SPX has successfully recaptured the 200-day MA after reversing a downtrend off the October highs,” said Johnson. “Further upside from here leaves the 2,800-2,815 range as the next major hurdle for the index to clear.”

Traders can take advantage of forthcoming market oscillations with leveraged S&P 500 ETFs, such as the Direxion Daily S&P 500 Bull 2X ETF (NYSEArca: SPUU), Direxion Daily S&P500 Bull 3X ETF (NYSEArca: SPXL) for gains and the Direxion Daily S&P 500 Bear 1X ETF (NYSEArca: SPDN) for declines.

For more market trends, visit ETF Trends.