I don’t know. If you have a long term horizon and no need for an immediate cash, I think it’s fine to hold indexes or a basket of great companies. Depends on everyone’s situation. I’m sitting mostly cash and will stay nimble by trading in/out both ways until price action dictates otherwise. The charts does look scary imo. The rising wedge breakdown is usually not good. I’m looking to time the bounces but I won’t be holding long even if I catch it. Come to think of it, I’ll write some naked puts. 
@hanera probably has a better opinion. My tactics don’t work for everyone.