IWM led the market lower last week, and it has current probed into a .
On the other hand, to say traders are is the understatement of the century as a look at the equity easily shows. This is a contrarian indicator when it is so heavily skewed in one direction.
In summary, technicals seem to give some weight to the bear case here (but so far without confirmation).
Sentiment is currently at a extreme, indicating a possible outcome, but such tides can take time to turn, so all I would say here is to use caution on positioning while the market works things out.