Stocks are a bit soft Monday as the oscillator hit pretty extreme overbought levels on Friday.
The oscillator on Tuesday had a -80 or so reading, a level that usually leads to an oversold bounce.
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The oscillator went from -80- to almost -40, so we still have more room to continue to the flat line.
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During the correction in May the oscillator had a low of -335.
The oscillator is only at -45, not an extreme reading.
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The McClellan oscillator on the Nasdaq shows a similar but slightly more negative formation than that on the NYSE.
The break of the downtrend in the McClellan oscillator is consistent with the bottoming process.
The McClellan oscillator has dropped below the zero line and its uptrend, line d.
The McClellan Oscillator formed significantly lower highs on the last rally and has turned down.
As noted Wednesday, the negative divergence in the McClellan Oscillator, line c, indicated the rally was over.
The McClellan Oscillator has formed a negative divergence at the recent highs, line f.
The McClellan oscillator formed a strong bullish divergence at the June lows, but has been range-bound for the past two months.
The McClellan Oscillator closed Tuesday at -202, just above the September low of -206.
The McClellan Oscillator closed Friday at -264, just barely above the March lows at -268.
The McClellan Oscillator, a statistical study of money entering and leaving the New York Stock Exchange, closed at -317 on Wednesday, the most oversold reading since May 20, 2010, when it reached -420.
The McClellan oscillator broke its downtrend, line d, two days after the market lows.
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The McClellan oscillator has resumed its uptrend after dropping back to -112 at the end of 2012.
The McClellan Oscillator has not given many strong signals since November, when it dropped close to the -300 level, point 2.
The McClellan Oscillator broke through its downtrend, line c, on November 20 and is holding above the zero line.
The McClellan Oscillator finally hit almost -80 on Friday, which indicates VERY oversold conditions.
Market internals are now starting to flash oversold readings as the McClellan oscillator is now at -279.
The McClellan Oscillator has turned up from oversold levels, and at -42, it is well below overbought territory.
The break below the uptrend on the McClellan Oscillator support (line e) is also a sign of weakness.
The U.S markets have been down for 5days straight, bringing the McClellan Oscillator to screaming oversold levels (-95).
The McClellan oscillator has now formed a short-term negative divergence, line c, which is consistent with a short term top.
The BLPC predicts power consumption of bit lines by using replicated bit lines to monitor the frequency of the ring oscillator.
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At this point, the McClellan Oscillator that I talk about went from -78 on Tuesday to back above Neutral on Friday.
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And two, a rising 10-week moving average for the NYSE compared to a negative indicator that shows market fluctuations (the McClellan Oscillator).
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