Submitted by Mark Hanna
Courtesy of MarketMontage. View original post here.
Ironically just a few weeks ago we had historical overbought conditions on the monthly and weekly S&P charts. Now we are talking historical short term oversold conditions on some indicators. One I like to look at is the McClellan Oscillator. Readings below -100 are very rare – a few days in 2009, 2010, 2011, and 2012 during our crisis or the Euro summer crisis’ (plural). But maybe 10-12 days in total over all those years. Currently we have a reading ~ -110 if we closed here.
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