Let's use the PVI for the NASDAQ composite. What is more interesting is that in this index, we have the same pattern as in 2003. The divergence in this indicator with the other indexes such like the Dow Jones Transport, Dow Jones Industrial and S & P 500 is something to analyze.
In 2002 - 2003, this indicator give the buy signal on october 2002, 6 months before than the buy signal in the DOW JONES. Then, we could expect the same now, although the markets never behave the same way.