Chart Ideas

[rimshot]

daily RSI-14 level summary for Wednesday September 23 close -

37.04 - $SPX
37.57 - $OEX
40.92 - $NDX
40.14 - $COMPQ

* it is a firmly bearish chart condition only while it persists
that all four indices' cumulative net Advancers minus Decliners lines
reside below their 50-day SMA by a decent margin

daily RSI-14 40 level vigilance for $SPX $OEX $NDX $COMPQ -

* bears need a lasting hold below the RSI-14 40 level, while
bulls must defend the 40 level on a lasting basis

** bulls must hold the cumulative net Advancers minus Decliners lines for each index above the 50-day SMA on a lasting basis
or
bears have an opportunity to continue the price damage beyond Monday September 21, 2020

$SPX -

http://stockcharts.com/c-sc/sc?s=%24SPX&p=D&yr=0&mn=10&dy=20&i=p49247007131&a=589367469&r=1600706818845

$OEX -

http://stockcharts.com/c-sc/sc?s=%24OEX&p=D&yr=0&mn=10&dy=20&i=p30367571549&a=589367470&r=1600706985596

$NDX -

http://stockcharts.com/c-sc/sc?s=%24NDX&p=D&yr=0&mn=10&dy=20&i=p50115875913&a=589367468&r=1600706595552

$COMPQ -

http://stockcharts.com/c-sc/sc?s=%24COMPQ&p=D&yr=0&mn=10&dy=20&i=p47098174265&a=589367467&r=1600706069250

==========================

charts above display cumulative net Advance-Decline breadth lines
which are the cumulative total of daily net Advance-Decline values

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

( 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

* the distance down to the McSum zero line currently represents
one objective measure of the minimum downside risk

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