Great technical analysis

However bond market (yield curve, spread between junk and 10 yr) just simply does not forecast/support a bear market coming imminately.

In addition XLK & XLY are not confirming the market breakdown.  Both account for roughly 40% of SPY.

Earnings are good.  Let's use $155 as SPX E, ie earning yield 5.8% via 10 yield 2.852% (as of today).  Stocks are cheaper than bonds.

Of course Trump administration is an uncertainty, Peter Navarro and John Bolton especially.  I felt that Peter Navarro not only successfully survived Trump adm so far, but also convinced Trump.  John Bolton recent remark is "China will not/never prevail over United States".

A side question - do you have any resources where to find leverage data?