"Blue Skies index" Is still not pointing towards any longer term bearishness. It will in due time.. It will :)
I don't delve too much into analysis, because i'm not intelligent enough. In my experience it was one of those things you had to see then and there. Like for instance in 2009, you can see "volatility" or swing of price in the SP100/VIX was alot lower than the S&P500 broad index was. As much as it was running wild at the top. This just helped me add another "layer" of conviction, in combination with other market dynamics at the time, especially in the FX market. Or do you suggest that the top is already here in the S&P 500? I hope i answered your question.