Valid questions. I use several indicators many of which are similar to Zeev's.
For internals I use two.
One is the NH/NL which as Zeev has pointed out has been a major bearish divergence throughout the move.
The other I use is an hourly MA of the TRIN which takes into account all the advancing/declining stats. I look for divergences from the market action. It was flashing major warnings during the July-August rally and it gave a nice divergence at the Oct 10 bottom as well. It is now telling me that the market is in distribution mode and really has been since Oct 18 despite the 6:1 up/down days you mentioned. It is however not a precise timing indicator.
I also use a 10 day EMA of the equity P/C which flashes red alert when it gets under .6, we are there now.
TICK is another big one and I have seen five +1000 TICK days on the NYSE in the last six days despite no gain in that index.
I also use Bull/Bear surveys (which is showing extreme bullishness), VIX oscillators (showing a top is near)and of course classical chart patterns.
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