What is McClellan Oscillator saying about the major averages?

FX:SPX500   S&P 500 Index
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Although I have a bearish view on the major global stock market indices from a longer term cyclical perspective (see older post) and growing bearish momentum in the beginning of 2016 may well be a starting point, the McClellan oscillator , historically during a deeper market correct when oversold (below -80) has price resume an upward rally. Seeing this in the American markets may be a sign of some possibly temporary buying relief. Nonetheless price cyclicity will lead the way in informing a more pronounced down trend/bear market as some other major indices.

Seen too in NAS100 and DIA a relief rally may ensue.



I don´t like oscilators, they are misleading. They don´t show real top and bottom. Look at your chart on 09-01-2008. The oscilator is oversold, but the price drops from 1280 to 664. What you can cleary see now is round top (with 3 peaks). Support on 1860 tested 4 times from 2014 (the more time testing s/r, the weaker is this area)
Good Work !!
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