What does this red icon mean?

[edit58989569]

[MyerPj]

I believe that notes a timeline marker.

[MarekMularczyk]

This yellow/green icon above the timecode is a marker but the red upside-down funnel, no idea... Haven't seen this before....

[MarekMularczyk]

It looks like a glitch to me because it looks like two playheads together (two blue lines)...

[Peru Bob]

I agree with MarekMularczyk . 

Try resetting the preferences:
https://community.adobe.com/t5/premiere-pro/faq-how-to-reset-trash-preferences-in-premiere-pro/td-p/...

If that doesn't work, try resetting the Workspaces:
Reset a workspace
Reset the current workspace to return to its original, saved layout of panels.
1. Do one of the following:
• Click the Workspace menu icon and select Reset to Saved Layout.
• Choose Window > Workspace > Reset to Saved Layout.
from here:
https://helpx.adobe.com/premiere-pro/using/workspaces.html

If that doesn’t work, try updating or rolling back your graphics driver directly from the video card manufacturer’s site. If NVIDIA, do a clean installation of the latest Studio Driver (NOT the Game Driver).

If that doesn't work, try creating a new project and import the old one into it.

[MyerPj]

Despite the lack of support here! 😉  I can make it happen in Green. So, I'm pretty sure it's not the prefs and not a glitch.

[Peru Bob]

@MyerPj 

Hmm...

How did you do that?

Can you create the second blue line?

[MyerPj]

@Peru Bob 

Just click and drag the CTI and go over a timeline marker or even the in/out points (timeline markers).

That little dude shows as long as the mouse is still clicked. Also, it shows only when the snapping magnet is on, so I think it's just an indicator that you're over the marker or in/out points.

I notice we are talking to ourselves here... no sign of the OP yet. Not sure how he got red, maybe he colored it for easy identification? 

[edit58989569]

I honestly don't know how I got the red to show up. I just saw it and screenshot it, LOL. I knew I hadn't seen it before and was curious.