My Technical (work/analytics) is both old school and very accurate. In other words I do my homework 24/7 !
However when it comes for "FOLLOWING" most all Indicators and Indexes you can get in BIG trouble, very quickly.
My favorites are the McClellan Oscillators and the Advance / Decline for both the New York and Nasdaq.
Both are deteriorating and yet there is no breaking down of the primary Indices - - namely the New York / Nasdaq / Dow 30, etc. Looking at the later and their peers, they too are hurting, but not enough for me to declare that a Bearish Inflection Point and new Bearish Cycle has begun.
I am big on "Warnings" for Bearish Conditions and "Alerts" for Bullish Conditions.
Valuations are normally associated with Earnings and that is the foundation. However, there are many other check points to have in hand before investing or perhaps moving to Cash.
Simple stated: Current Valuations continue on the rise into some very Bearish Territory. While they are very Long-Term Indicators and definitely not good for shorter-term Analytics, they certainly clearly provide the "Alerts" for Buying and "Warnings" for Selling. The latter is where we are "Big Time."