Wow, that was a webinar! Commodities Countdown Webinar 2016-10-27. I spent a lot of time explaining breadth measurements. If you have not used the Bullish Percent Indexes (BPI's) to help understand market breadth this will be an important webinar to review. For more information on the background of BPI's check out this great article written by Arthur Hill.
Here is a good example. The Bullish Percent Index for the Nasdaq 100 ($BPNDX) is usually one of the strongest BPI's. Notice the note that I wrote in the callout box in May 2015. The market was hitting new highs but the Bullish Percent Index had dropped to 63. After the $NDX made new highs earlier this week in October (Gray shaded area with a black line on top), the $BPNDX (Blue line) is at 63% after being at 79% in July. The lime green horizontal line reflects the current level for the $BPNDX. The market is bullish when it can get above the red lines and cautious when it stalls below the lower red line. One has to be aware of the precarious level.