SPDR S&P 500 (SPY)

[baja6string]

I track the McClellan Oscillator of the NYSE. (It is currently 194.) I would expect it to act similarly to an Oscillator based on the 500 stocks in the S&P 500. The max low I have in recent years on the NYSE was -419 on 12 March 2020 near the Coronavirus low. The highest value since then was +361 on 9 April 2020. That makes sense. The Oscillator measures breadth and breadth jumped after the Coronavirus bottom. A high value for the Oscillator now may be telling us the bottom is in rather than a top is nearby. Still, it does look like a top is near though based on other indicators.
Both RSI and Bollinger Bands are near oversold levels so we may be near a top. My MACD analysis of Breadth turned bearish a few days ago, but this one can be early. I am not convinced that using a chart of the McClellan Oscillator is going to work for me, but I am probably missing something here.