Reaching Oversold Levels

We are again reaching oversold levels on the McClellan Oscillator. With the SPX testing the 50 and 200 day moving averages it is likely that we should find a low in here sometime in the next few days. It is possible that the initial bounce may be a "B" wave and not establish the final bottom. Barring a complete implosion with the 10% index going below -500, the trend still remains up

The McClellan Oscillator for June 22
Click to Enlarge