In addition, after 13 out of 15 negative days in the Dow Jones Industrial Average, the McClellan Oscillator reached -75, a level where we often see a bounce.

FORBES: Japan Downgrade Does Not Derail Stock Market From Chugging Higher

The oscillator on Tuesday had a -80 or so reading, a level that usually leads to an oversold bounce.

FORBES: Futures, Foreign Markets Climb in Anticipation of Greek Debt Swap Deal

The McClellan Oscillator has not given many strong signals since November, when it dropped close to the -300 level, point 2.

FORBES: Why Panic Sellers Could Be Sorry, Part 2 (Updated)