the Advance-Decline breadth lines with 3 moving averages & 50,2 BB and A-D line 50,2 Bandwidth the McClellan Summation index the McClellan Oscillator for each index, and for related indices
* it is optimal for the continued bullish case if the McO's remain above their zero line for the majority of the time
The McClellan Oscillator is the difference between the 19-EMA & 39-EMA of daily advances minus declines. It reflects the short-term strength and direction of market liquidity. A longer-term view is provided by the McClellan Summation Index, which is the cumulative total of the daily McClellan Oscillator values.
Note - it has been observed in the past by some technicians that the customary duration of directional moves by the McSum is 10 to 16 weeks … though I have observed since early November 2016 the durations have varied considerably
S&P 500 McSum character by year excluding directions lasting less than 4 weeks:
2018 through July 13
up, down, up, down, up
2017
down, up, down, up, down, up, down, up
2016
down, up, down, up, down, up
* the 2016 McSum duration lengths were longer than in 2017 and about the same length as seen so far in 2018
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