NOTHING appears without a Sign: Small Caps 'gave it away'.

US Small Caps ($SML) Daily Close @ 02/05/2018

S&P600 Small Caps was the 'Canary' this time with overt Key Daily Reversal January 24 & a few days before the 'Rot' set in for Global Risk Assets.
Simple 38% retrace of the post 7% Correction (Aug 18: 813 Lows) Record setting Rally to 982 @ 918 'dusted' in Mondays' Large Down Day with the 61.8% retrace @ coincidentally the VERY SAME 878 previous High Water Mark pre the said 7% Correction (-666 / 7%'s?)....
More pertinently should such be witnessed; a rare Quarterly Key Reversal in play (No New Highs < end- march) with huge implications for Risk.