What I'm looking for is whether the number of breakouts/breakdowns are increasing or decreasing... or which way the momentum is moving in a coherent manner. Besides, I also pay attention to the number and quality of the component(s) that are in the mode they are in breakout/breakdown.
To make it clearer, I've just updated the Indicator for today. I see that FIVE more breakouts happened just TODAY. Since today's followed immediately the FOUR breakouts recently in the last 2 days, this is confirmation of what I thought of yesterday's check of the Indicator.
Surely an encouraging and positive picture for the overall market at this time.
Also, it's in a faster clip based on my experience. However, I should caution that this should not be taken as a daily or immediate type of forecast for trading/investing. It's rather a 'clue' of the underlying strength and direction of the market in ST.
The market momentum at this time has 'confirmed' the likely direction that I sensed based on the subtle change in the Indicator components.
It's prudent to keep in mind that nothing is certain in the changing dynamic of the market, as well. That things could also change fast as the market is always vulnerable to bad news (be it from political, economic or international events, etc.).
However, imo, the clue at this time is quite positive for the larger market. And, barring specific situations in individual stocks, most stocks will do well for a while.
