Today did some good work getting this back towards the middle.
Short term is pretty much as overbought as it has ever been. Good luck with that one.
McClellan oscillator has only been higher four times in the past three years. The only time it did not end in tears immediately after was July of 2010. Dec 2008/Jan 2009 was quite bad. The recent times were quite bad as well. So this could signal the start of a new bull market as it did in July 2010, but with it seemingly evident that we are slipping into a recession, good luck on that one as well.
This has been going up since spring of 2009. It has not rallied recently to recent highs.
To be fair, as I pointed out a few weeks back, it was impressive that the McClellan summation index found support and rallied upwards above the previous low. I am impressed that it has continued up from there.
Time will tell. But either way, people should not be panic covering shorts here and they definitely should not be buying yet.