Nothing really has been settled yet

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來源: 一諾千金

Stocks slipped today after briefly rising to resistance around noon. Bulls' failure to capitalize on Friday's low-volume surge will be taken by bears as a sign that all ammo was spent last week. However, today's decline came on even more anemic volume than Friday's advance, so nothing really has been settled yet.

Though, I want to remind one important indicator that did flash a major positive sign for stocks on Friday. After the close, I learned that the upside trading was broad enough to push the McClellan Oscillator over +200 to a one-year high of 232. That was even higher than the 201 level recorded in mid-March at the start of the tremendous spring-time market recovery.
The McClellan Oscillator is a sophisticated measure of market breadth, and its new level suggests that there was enough liquidity last week to push a wide variety of stocks higher—small-, medium- and large-sized, and most sectors. This level, which is not traversed often, typically indicates that the market had enough buying energy to achieve what physicists call "escape velocity." That means the major indexes likely will exit their previous downward path and have sufficient fuel to lift up into a new, higher orbit.

The +200 reading does not mean that the market won't go down and re-test its mid-August lows. But it does suggest emphatically that any backsliding in the next week will only be a test, and not the renewal of a more severe decline.

Our bias now needs to be positive, and it will only be shaken if the S&P 500 trades down 1,370 on a close.

your McClellan Oscillator says market is strong i.e., contra-wise, near top; mine summation index says market is low, contra-wide, near bottom.