Short Term Oversold …

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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