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#5: Tom McClellan on Engineering Effective Stock Market Models
Superinvestors and the Art of Worldly Wisdom
The McClellan Oscillator and the Summation Index
The McClellan Oscillator and summation index measure the acceleration that is taking place in the advanced decline line. If you imagine that every day for three months we had 200 more advancing issues than declining issues, there would be no acceleration. But the market doesn't work that way, so it accelerates upward and then it accelerates downward. How you look at how that acceleration is taking place gives you information about what's underlying the market.
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