[grbaNT]

Thanks for your update and the answer to my questions. I figured it was wishful thinking on my end given the amount of work it required, but I did not have in mind the index change-of-composition factor, the cherry on the cake

As for July 2015, your survey was spot on a little bit before the drop. Here the difference is that the drop in Feb was very sudden and has already taken place so the slope of curves are very steep, and the survey did not serve as a warning indicator. Same to be said about the ADLine(s): no early warning signs from them on this one. But generally speaking what you find by studying the charts since before 1929 is that the early signs are really only visible from the ADLine for major market movements (ie >20%), whereas the up-to-20% corrections are real hard to catch.

Anyways thanks again for your survey. And see you around, I'll definitely be following you !

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ps: I've made a youtube video of my weekly chart book to share the indicators I like to look at to assess the market's pulse.
It flips through the pages and has a table of contents to help navigate through it.
It also includes homemade CAC40 and Shangai Composite ADLine and NH/NL charts

Don't know if that's of interest to you but here it is anyway

https://youtu.be/5OfaZOh7dUg

You got some really interesting charts in your chart book. Great work!!!
I would not agree that there was no warning sign from the Survey in case of the February drop. Firstly, indices were insanely overbought in late January and at the start of February, and the Survey was in the overbought area for 6 weeks in a row. Week ending on February 2 saw SPX dropping 3.9% and the Survey dropping 7.52%. That is a big, and I mean really big move for the Survey, beyond 2 standard deviations of the entire data set (check the attached weekly moves histogram, that move is in blue). The week after February 2 we got an even deeper down move both on indices and the Survey. I would say that there was a warning sign in the Survey. And yes, you are right when you say that market breadth indicators are the most useful for spotting major turns.

Best