SPDR S&P 500 (SPY)

[Wishthiswasmyjob]

So what has happened and
What do we watch...

We know the indexes have made a huge climb since November 1st.
We know most traditional indicators are way too high. I'm not even going to go into the list.
We know the dollar index has been dropping to now near a 3 year low.
We know the Nikkei has broken upward.
When we look at specifics, it hasn't been the darlings... FAAMNG stocks are toppy here, but haven't led the charge.
Then we look at IWM and MDY, or $DWS and $DWM and they're jaw dropping...
It's unprecedented, craziness...

The reasons go on and on, ride the trend until it falls, or sit and wait in cash.

One simple thing I am watching and it's SVXY, an item which by design is supposed to fail and fall.
Anyone who knows the market, knows that, just like VXX.
So I am watching the short term chart to break downward.

10 day 15 minute