Is market ripe for Correction??

The S&P 500 is overbought based on the technical charts(as of 6th April-10). Current RSI is 74. As one can see from the below chart that in the past when the index toughed the 70 mark, the markets corrected. There were five such incidents in the past, since Jan-09. 

The current level appears to be technically overbought, but will the markets mimic the past?  The index is roughly 10% the 50D SMAVG. What can one conclude.....

   

Happy Investing!!!