jstri - I have many different forms of sentiment indicators, but AAII Bull/Bear index seems to encompass the general sentiment fairly well. It tells me we have not put in a major top yet, but I wouldn't be surprised if my system told me to go to cash at close today. If so, this most likely means we will enter a short to extended period of consolidation.
Jan 4 - We have transitioned into a bear market. Completely different rules apply.
May 23 - IMO, any price at/above this close makes a great Nasdaq/SP500 short.