T2108 is at 13.45 indicating only 13.45% of stocks are above their 40 day moving average. Readings below 20 on this indicate extreme bearishness from which bounces tend to happen. The readings can go in to single digit in bear markets.
$BPNYA is another breadth indicator that tells you % of stocks in confirmed bullish mode by point and figure charts. At this stage it is approaching extremely bearish zones. A turn in breadth is easier to spot in this indicator.
In the Stockbee Market Monitor the Primary indicator turned bearish on September 18, 2014 and since then you will see steady selling. The Primary indicator is approaching extremely bearish zone but is not yet below 200. Intraday basis it was below 200 yesterday.
Going by all the breadth indicators I monitor market is approaching extreme bearish zones, but these are not extremes by historical standards. A bounce is very much a possibility but in bear market you can have many bounces that look like bottom before actual bottom is in place. The market has not yet seen capitulation kind of selling , so bounce might give temporary respite.
If you want to maintain your profits made during bull moves and maintain your sanity and not get rattled by bearish market , study breadth. Breadth will help you reduce drwadowns and anticipate turns.