Chart of the Day: McClellan Oscillator

Chart of the Day

The McClellan Oscillator is a breadth-based, intermediate-term indicator. It can also be used for short-term timing when it bottoms in oversold territory. Invented in the 1960’s by Sherman and Marion McClellan, it has been called “one of the most useful analysis tools in existence.”

Source: Hays Advisory

The Nasdaq McClellan Oscillator is getting towards, but not quite at, the oversold levels associated with sustainable bounces. The NYSE McClellan oscillator (not shown), is not nearly as oversold.

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