As someone who doesn't have a finance day-job or access to Bloomberg, its difficult to find data/search data and do calculations/analysis that I'm interested in and instead, I have to rely on scouring through FinTwit to get access to info.

Having said that, Jan 11 - 25 seems to be a very interesting time window from a few factors:

OpEX on Jan will cause a lot of the Vanna/Charm support for the SP500 to be taken out, which was helping lift markets consistently due to continual unwinding of hedges that market makers were forced to make during the election. Those final hedges come off next week opening the market vulnerable to a technical correction. Want to understand this mechanic better? Shameless self-plug here: https://exchange.realvision.com/post/vanna-and-charm-exposures-5fce493cdbaa191ccaa724df

Along with that, we see some in the FX market that 5y5y forward rates in the FX market for many high-carry FX, such as EM, AUD and NZD have been moving higher. The effects of this have reverberated in the EM FX market, as seen by recent rvol in currencies such as TRY, MXN and ZAR. This seems to suggest the market is expecting higher inflation rates on other currencies . Oh and guess what? You also noticed that the DXY stopped going down, despite GA flipping to the Dems @John Fadool , which intuitively should mean DXY -> 50, Gold -> 10,000, yet here we are, DXY perking a bit and gold puking @Jaymes Rosenthal . One key thing to note about Dems is that they will push fiscal over monetary which has a key impact on inflation in a subtle way. 
Monetary policy inflates asset prices, fiscal inflates price of goods and services, which could trip up companies that aren't able to pass the higher price on to unemployed people. If DXY wants to find a bottom, here is a nice time to do it, it also helps that we have a nice multi year technical support here @The Classical Charts and Swing Trading Blog .

On the topic of gold puking, US10Y broke higher, which i know was an unpopular position I've said several times in my trade ideas and an idea that I think  @Weston Nakamura shares, in spite of the strong Bond-Bullish Bias the RV exchange appears to have. Nominals are rising, the markets may price inflation, but if that fiscal goes towards productive work, then there is no reason gold should rise, as nominals outpace inflation and thus real yields grind higher; this is what the market appears to be trading.
Strangely enough, someone's been bidding hard into selling Eurodollar futures Dec2022 contracts, although we cant know if this is a directional bet or part of a hedge/spread.

What do higher yields mean? Apart from the hold value/growth rotation mechanic and the obvious headwind it puts onto shitty companies that can't service their debt properly, one commonly overlooked factor is that rising yields has the impact of increasing implied volatility on indices, why? Yield starved participants have to sell options to gather yield, thus compressing ivol and causing mean reverting markets, to see why-> (Second shameless self-plug https://exchange.realvision.com/post/an-introduction-to-gamma-and-vanna-exposure-5fb139c4b1cafb19c82096a8 and https://exchange.realvision.com/post/explain-like-i-m-a-golden-retriever-pilot-episode-chasing-gamma-5fc63e3116634e3262848396)
The incremental removal of more option selling makes ivol increase and removes positive gamma, thus exposing the markets to more slippery price movements in the future.
What does this set up in the future?
FED cutting rates when for whatever reason equities slide too much, duh...

So here we are, DXY trying to bottom, people banging hard into implicit short-USD, short-duration trades, which set up the feedback loop where ironically, the creation of vaccines and restarting the economy will spur the increase in rates which will eventually trip the markets back over by creating more slippage in the market + creating funding pressure on indebted companies.
The set is stage for another deflationary gut punch in the future; not soon, but sometime out.
The only flaw in this entire analysis is the goddamn high yield OAS, which has refused to stop going down @Jack Farley. Sometime in the future, if rates are holding high(er), DXY has stopped going down, high yield OAS starts picking and/or LIBOR OIS starts picking up, that should be signal enough that the long awaited "insolvency phase" has actually begun to occur (I agree it will happen, but I would argue that we are still in the "hope phase", but then who cares what I think, I'm still just a neophyte in finance, do your own research!).

Circling back to the shorter time frame, a technical correction (Not crash) in the SP500 is setting up as ivol compression starts to roll off. Personally, if next week I find the SP500 managing to close below its 20 day moving average and into negative gamma, a straight short might be something to consider, but with small sizing. The more it goes down, the harder one should lean into it.  Key is, don't try to be a hero and start shorting before the correction occurs. Wait for one to occur and lean into it because the pieces are in play (As stated above) for any correction to be more drawn out. With plenty of world events that could act as catalyst for fear (COVID mutations, new shutdowns in China, storming of the capitol, possibility for a spike in the DXY etc...) I've gone flat on SP500 tactically.
If nothing happens and we just go sideways, then just get back in long from Jan 25 onwards and no harm done. Likewise, if I do end up shorting, those shorts come off by Jan 25 at the latest, as the next options cycle begins and vanna/charm flows just kick back in and lift the entire SP500 all over again.

As always, not investment advice, just some rambling from some rando on RV, do your own research and tell me all the reason's why I'm wrong.
Here's to a better 2021!