In addition to my Dow Theory studies, my favorite stock market indicator is the PTI (Primary Trend Index).
I developed the PTI in the late 1960's and early '70's for the purpose of aiding me in identifying the major or primary trend of the market.
My Primary Trend Index (PTI) is an amalgam of eight critical averages and indicators. Each indicator is based on the ACTION of the stock market (as opposed to sentiment indicators, monetary issues, short sales, etc.).