This is an excerp from a  message receievd from a well informed and experienced guy who sent this out after the close last night. In case this may be of value to you. He does run his own 'models' and 'signals', as is eveident from the text.

'While  Richard Arms developed the Short Term Trading Index (TRIN) as a way of measuring  intraday buying and selling pressure, I first used it as a 10 day moving average  indicator, and it was the primary indicator I used for my December 9, 1974  article in BARRON’S, “Buy Signal,” with the Dow Jones at 575.  (The intraday low on December 9 of 571  was the bear market low.) So I am intimately acquainted with this  indicator.

For a  variety of reasons, including my having publicized it!, it no longer has the  predictive abilities it used to, either on a daily basis or on a 10 day moving  average basis.  However, it still is  a good indicator of “ extreme extremes” – and today was one.

The  closing TRIN level today on the New York Stock Exchange, as reported by Trade  Station Securities, was 8.53.  As a  comparison, 1.0 is the norm, by definition.  According to my records, 8.53 is the  highest reading in history.

In  fact, over the past half century, there have been only four other times when the  TRIN closed over 6.0.  In all four  cases, the market rebounded smartly the following day:

On  the day after October 19, 1987, the SPX advanced 5.3% On  the day after October 26, 1987, the SPX advanced 2.4% On  the day after October 27, 1997, the SPX advanced 5.1% On  the day after February 27, 2007, the SPX advanced 0.5%'