SPY 294.53 = one of the prior daily close lows, which bulls must surpass by future daily closes to achieve a lasting price advance with probable Staying Power
* a future failure to hold multiple daily closes above the SPY 286.64 horizontal level will represent bearish evidence for at least the near-term
SPY 299.72 = 100-day SMA SPY 299.25 = 20-week SMA SPY 297.51 = 200-day SMA SPY 296.52 = 5-month SMA SPY 295.98 = 50-week SMA SPY 291.93 = 200-day EMA SPY 291.62 = 50-week EMA SPY 291.39 = 15-week SMA SPY 290.88 = 15-month SMA
* bulls want to see a lasting hold above the moving averages shown above
bears need to violate the moving averages shown below to achieve Staying Power for a lasting decline
287.89 = 5-day SMA 287.14 = 63-day SMA 286.29 = 60-minute 50-period EMA 284.57 = 4-week SMA 283.82 = 20-month EMA 282.68 = 100-week SMA 282.36 = 10-week EMA 282.35 = 60-minute 89-period EMA 282.23 = 15-day SMA 281.01 = 50-day EMA 278.84 = 20-day EMA 277.79 = 600-day SMA 277.30 = 5-week SMA 275.69 = 50-day SMA 275.41 = 21-day SMA 267.99 = 60-minute 200-period SMA
updated after the close Thursday April 30, 2020
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repeat of explanation is shown below because even though the McSum is generally rising so far this week for most indices in the US equity market, the McSum remains a distance below its zero line for most indices including the $SPX and the $OEX meaning the bears have the advantage over the bulls until the McSum's actually hold a lastingadvance above the zero line
the indices with McSum's above zero line as of April 30th are:
S&P 400 Mid Cap Nasdaq Composite index Nasdaq 100 index NYSE all-issues index, using the Ratio Adjusted McSum
McClellan Oscillator
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. These indicators move within a trading range and often identify the overbought/oversold condition of the market
McClellan Summation Index
( McSum = McClellan Summation Index )
the dominant rule is: price will eventually follow the direction of the McSum, except for brief periods of price divergence
The McSum is neutral at the zero line, bullish while above, and confirmed bearish while below zero[/b]
* the distance down or up to the McSum zero line currently represents one objective measure of the minimum movement that is possible
Confirmed sell signals are a lasting decline below the McSum zero line, though price action has usually declined by a large amount by the time zero is reached from the McSum peak above.
Large distances between the McSum daily chart values represent acceleration events in the A-D breadth decline or advance, and the follow-on price impact has a high correlation with the McSum's direction, and usually has several days staying power
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