If the TNX continues to rise and the IXIC continues to be driven down, I believe the SPY /DIA will eventually break the and begin its own pullback, which could cascade into a full market correction or worse.
If the TNX flattens out and stabilizes, I will be looking for the IXIC to , failing to break past its last peak, which will indicate that the market is not as strong as it has been. This could likely cause a rush of fear selling, causing a sharp decline, which would cause margin calls, with further downside. The SPY /DIA will most likely be dragged into this fear and downward momentum as they are still trading 17% above their last pre COVID support.
This is further supported by the monthly IXIC indicating it being overbought on and 14/3/3, along with the February candle forming a , and March forming a so far, both indicators of a reversal.
I will be looking to maintain liquidity past the week of 3/15, and planning on shorting the QQQ in the event of a as well as buying into UBT in the event of a full market correction or crash.