As forewarned, the Leading Indicators were previously pointing to a burn out, and now half of the leads are burnt.
JNK and VALUG are bearish, as are TLT and VIX indicating bearishness. IWM, TIPS, and DJT have failed any bullish indication, skewing towards bearishness.
The S&P500 futures are at support now... likely to break down, even for the beginning of a month. Overwhelmed by the "shock" of a new variant, perhaps it is time.
IMHO, Omicron is a precursor... it should be mild, but its existence is indicative of the next wave. So, not to be ignored, and especially not to be forgotten. This is like Nature's forewarning of 2022.