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Here is an indicator I am using to detect potential turning points in the S&P 500 Index. The technical indicator is the addition of the percent rank of the AAII Bullish Index and the percent rank of the S&P 500. The lower the indicator value is the more likely there will be a change in the direction of the market (Bullish Signal).
I usually look for bars where the indicator value is lower than 5 or 10. This indicates that both the S&P 500 and the AAII Bullish Index are declining and that a bullish change in S&P 500 trend is likely to happen soon.
I also wait for the S&P 500 to increase a little bit (above the close of the bar where the signal occurred) before considering that the signal is bullish.
The Percent rank of a time-series is the percentage of previous observations (depending on the look back period) that are below the current observation (current trading bar). A value of 100 means that the current value is the highest over the last N-trading bars and a value of zero means that the current value is the lowest over the last N-trading bars. The percent rank indicator can be downloaded here: Percentile - Percent Rank of a Trading Indicator.
