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Strategies & Market Trends : SPY & QQQ intraday chart observations by rimshot

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To: rimshot who wrote (1116)1/13/2023 11:47:38 AM
From: rimshot1 Recommendation

Recommended By
ajtj99

  Read Replies (1) of 1309
 
2020 and 2019 and 2016 NYSE McClellan Oscillator peak levels were approached by
the January 12th $NYMO ( McO level of positive 100.xx printed on January 12, 2023 )

Note - the NYSE McO is calculated from a smoothing formula of the Delta formed from
the sourced daily count of the NYSE Advancers minus Decliners ... daily chart of
the net Advancers minus Decliners count is shown here
for six different indices -

stockcharts.com

FYI - I just noticed
someone whom I have read on occasion for 25 years has tweeted an observation about
McO advances during " bear markets " but I am not sure his precise filtering for bear market:

" Be Aware: Track Record For Overbought McO In Bear Markets -

The McO Closed January 13 at +100.11, Exceeding The Record In 2008 Bear Market.

Highest of Century Was May 30, 2022 +105, Just before a 500 SPX Point Crash

Before That It Was +99.46 On Nov 4, 2008 Before A 27% Crash In 3 Weeks "

Message #1116 from rimshot at 1/11/2023 11:56:11 AM

heads-up alert for swing traders & investor-style traders:
1. the NYSE McClellan Oscillator is now located in firmly
Over Bought region now at positive 71.31 level ( some more upward travel still possible )
and
2. the NYSE daily cumulative Advance-Decline line is now above
its daily 50,2 upper Bollinger Band ( usually means Over Bought )
and
3. the NYSE Composite Index price action remains below its August 2022 daily close high
for multiple months

7-years history for the NYSE McClellan Oscillator -

stockcharts.com

$NYA daily closes chart -

* shown above the $NYA price action is:

the NYSE daily cumulative net Advance-Decline breadth line
that is now briefly resting above its daily 50,2 upper Bollinger Band

stockcharts.com
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