Surge in SVXY Propelling Complacency Where it has Never Gone Before. Will ES, and SPY Follow SVXY Lead?

The ProShares Short VIX Short-Term Futures (SVXY) is in the grasp of a powerful new upleg off of its April 13 pivot low at 120.33 to today's new all-time high at 150.40, heading for a possible projected next target zone in the vicinity of 155-157, which should complete the current upleg, and usher-in a significant downside reversal period.

Only a failure to extend its upside beyond 150.40, followed by a break below 143.40, will neutralize the bullish move, while a breach of 143.30 is needed to trigger a meaningful sell signal.