The absolute breadth indicator has been quite reliable over the past few years at signaling tops and bottoms in the stock market with few false signals. Extremes in the indicator point to significant imbalances between the number of new highs and new lows. These imbalances tend to occur at market turning points. Today the absolute breadth indicator reached a low level that has marked several prior tops and one bottom.
Several other breadth indicators have been signalling that a top is imminent as well including the McClellan Summation Index. This doesn't mean that the top need be greater than minor degree, but a top is likely nonetheless.
Though there are few good setups, I am looking for shorting opportunities in stocks and a reversal in the E-mini futures.