Here is another chart I use for market signals. As you can see, a move of the MACD of the CPC above or below the levels indicated by a horizontal line are generally market extremes. As the MACD moves lower over the next few days/weeks, I would expect another top to be put in, potentially a major one. Only in rare circumstances did this not work well, and generally speaking a short-term top is about to be put in when the MACD gets this low.
You generally don't want to be long the market when CPC MACD is below the bottom delineation, and you would hold shorts until the MACD moves above the top delineation.