Here is an index I have not seen before. It is called the SKEW index and measures volatility in the US stock market.
It is like the VIX index that measures volatility but includes the difference between normal and fat-tailed risk in the options market.
The four times it has hit this level before correspond to the beginning of the S&P crisis in America in 1990, the Asian and Russian financial crisis of 1998, the top of the housing bubble in the USA in 2006…and now!
We are getting very close now to a major top that will see a year or two of pain on global stock markets.