If ever you like to predict the further direction of an overall stockmarket than keep an eye on any sector rotation as well.
Since November we have seen Banks rising. If you follow this trading ideas you might see, that there is an ongoing rotation now into industrials. You see also huge consolidation patterns like in Tesla, GM or the German Automaker Volkswagen.
Again: To predict any direction in stockmarkets try to look for similar pattern in more stocks or diffent indices. If you follow this trading ideas than you see that in any case there is more than one issue discusssed.
This world in the year 2017 now is more connected with the www than ever and more linked in almost any direction than ever before. So look for similar patterns as much you can get to decide if you see a broad based move - or not. Even to the upside and later for the downside as well.