I have found many market indicators in my investigation of strategies. However, many described in the media from time to time are not as sensitive as others.
The short sort treasury bill rate has always been an important one, until the federal Reserve decided, in recent years, to keep money at basically zero cost. When they do decide to raise the rate, there will be an indication of actionable policy change.
There is always that question of sensitivity. For instance, look at the Misery Index, That is the addition of inflation and unemployment rates. Great for psychology but not overly sensitive for quick market action decisions.
I have seen the “Crack Spread” or refinery profitability range index. But that's seasonal and hard to gauge for investment strategy. An even less sensitive investment strategy indicator is the Baltic Dry Index or BDI. This calculates the cost of moving bulk raw materials across oceans and involves mainly those companies involved and ship rentals. ( See the Earl J. Weinreb NewsHole® comments.)
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