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Saturday, October 30, 2010
For the second week in a row, The Weekly McClellan Oscillator has printed a red bar and is in a down trend since the high back in July.
The Summation Index started off good, then yesterday's bar showed the acceleration to the downside stalled, For a true downtrend with legs this should start resembling the circled area from back in May.
The percent of stocks on the SPX has peaked, and now is on a sell, confirmed by a cross of the 20 day MA. This chart has a good track record for catching tops, and bottoms.
Longer term charts are showing a market that has topped, and is in the process of gaining momentum to the downside, but it is still early on, and a quick thrust up to try and make another new high would not be unexpected before the market starts a serious sell-off.
**We are quickly approaching the end of the month, and it would be nice if we could increase the number of Donations to the Community Fair, so if you have not donated yet, please consider helping out!!!A BIG Thank-you goes out to everybody that has helped out so far this month!!!