Wednesday, October 28, 2009

The McClellan Oscillator's Performance

There are several interesting facets of the markets right now. I will soon comment on some of them.

From a stock market perspective, the performance of the McClellan Oscillator is one such facet. Here is commentary from yesterday's that I found very interesting:

"Remarkably, the Oscillator hit a deeply oversold reading yesterday, nearly 2 standard deviations below its 70-year average. At a current level of -73, the Oscillator is giving off one of its most oversold readings since the March bottom...even though the S&P was within 1% of a new 52-week high at one point during the session.

Since 1940, this has never happened before. The S&P was never within 1% of a new yearly high on the same day the Oscillator dipped to -70 or below."

SPX at 1056.91 as this post is written

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