That's a tempting thought and probably worth executing. However since the OEX is also the most liquid options market in sight I'm even more tempted to sell premium into this possible top with a delta neutral strategy. Because short strangles go in slow motion it's not hard to adjust delta to match whatever actually happens.
I only look at long term OEX charts to try to see where the market is going as I am not an options trader, and with my type of analysis, the OEX works well. As an example, keep in mind that if one index is making a critical high, the others will be too. In fact, during almost every trading day you can look at a one minute OEX, YM, ES or NQ chart, and most of the time the high or low of the day occurs on the same one minute bar.
Old VIX chart I dug up. Right again! YaaaaaaaaaHoooooooo!!!!!!! http://www.ttrader.com/mycharts/display.php?p=15560&u=mrwsm&a=MRWSM TA Charts&id=242
Here's another one. 170% bounce off the bottom after the crash of 29, looks like the Nasdaq still has more room for upside. http://www.ttrader.com/mycharts/display.php?p=14774&u=mrwsm&a=MRWSM TA Charts&id=242