Suppose, you trade in options, Option index comprises of Many stocks, so how do you analyse those stocks in order to determine the movement of price in options while doing intraday trading?
Option price movement is related to delta, and the size of and the direction of price movement. That's a separate issue from predicting price movement in the underlying.
Indexes are comprised of lots of securities. A small one like the DJIA has only 30 whereas the IWM has approximately 2000. Regardless of the number, I think that it's an exercise in futility to try to analyze the component stocks of an index to determine index direction.
However, if you believe in technical analysis or some other predictor, that might be applicable to the price movement of the index.