I am in cash and/or totally hedged in my trading accounts. In a market like like this it is better to be safely on the sidelines. All of my great gurus have written that there is a time to be out of the market. My university pension remains fully invested, however. I only move that money out of equity funds when the longer term trends turn down.
The Worden T2108 indicator is now around 41% (40.5), but way above where prior significant declines typically end. See the weekly chart of T2108 below. It measures the percentage of all NYSE stock that closed above their 40 day simple moving average. Click on chart to enlarge.