I focus my attention on trading index's. Index's unlike commodities and FX really don't follow traditional TA. Index's are often mean reverting. I currently analyze an index based on its connects, i.e. the vix, bonds, USD, etc. I also look at a couple of the largest components to help me get a feel for how strong the index actually is. What do you believe is more important, using a Top down approach (i.e. the factors/variables that are connected to the index externally? or a Bottom up approach - i.e. the actual components?