Copyright reminder: The following research note is intended solely for the use of subscribers. Redistribution in whole or in part is strictly prohibited.

SPX advancers currently running in the 385 range. If we hold at this level or higher into the close (see intraday stats), it will produce the first +50 SPX McClellan Oscillator since last June. This oscillator has a tighter range than the traditional McClellan, with +50 and -50 representing the upper and lower boundaries. A reading above +50 is usually about as high as it gets short-term. Of the 21 times the SPX Oscillator crossed +50 since 2009, only three occurrences did not lead to a lower S&P500 2-3 sessions later…

McClellan Oscillator (based on SPX Components) Tops 50
06/05/20… S&P500 -0.1% three sessions later
04/29/20… S&P500 -3.7% two sessions later
04/09/20… S&P500 -0.2% three sessions later
01/17/19… S&P500 -0.1% two sessions later
01/10/19… S&P500 -0.5% two sessions later
02/22/16… S&P500 -0.8% two sessions later
10/08/15… S&P500 -0.5% three sessions later
11/03/14… S&P500 +0.7% three sessions later
10/31/14… S&P500 -0.3% two sessions later
10/28/14… S&P500 +1.7% three sessions later
09/18/13… S&P500 -0.9% two sessions later
06/19/12… S&P500 -2.4% two sessions later
10/24/11… S&P500 -1.0% two sessions later
08/30/11… S&P500 -0.7% two sessions later
07/07/11… S&P500 -2.5% two sessions later
07/01/11… S&P500 -0.0% two sessions later
07/26/10… S&P500 -0.8% two sessions later
07/23/09… S&P500 +0.3% three sessions later
03/18/09… S&P500 -3.3% two sessions later
01/06/09… S&P500 -2.7% two sessions later
01/02/09… S&P500 -2.7% three sessions later

12/10/08… S&P500 -2.2% two sessions later
12/05/08… S&P500 +2.6% three sessions later
12/03/08… S&P500 +4.5% three sessions later
03/21/03… S&P500 -2.4% two sessions later
10/21/02… S&P500 -0.4% two sessions later
08/22/02… S&P500 -1.5% two sessions later
08/19/02… S&P500 -0.2% two sessions later
05/05/97… S&P500 -1.8% two sessions later
12/30/91… S&P500 +1.0% three sessions later

Copyright 2022 Yang Market Research - All Rights Reserved