i already posted this chart showing market tops/bottoms: <A HREF="http://vtoreport.com/sentiment/putcall.htm" target="_new">http://vtoreport.com/sentiment/putcall.htm</A> this chart (borrowed from Trade Hard) improves on it by showing that market tops occur approx. when the 21dma (red line) bottoms out near the blue line: <A HREF="http://stockcharts.com/def/servlet/SC.web?c=$cpc,uu[r,a]daclynay[de][pd120,1!b21][j11191709,y]&listNum=1" target="_new">http://stockcharts.com/def/servlet/SC.web?c=$cpc,uu[r,a]daclynay[de][pd120,1!b21][j11191709,y]&am...</A>