McClellan Oscillator Above 50 For 3 Weeks

After dipping close to 50 earlier this week, an improvement in breadth to end the week pushed the McClellan Oscillator higher once again. It has now spent three straight weeks (15 consecutive trading days) above its overbought level of 50.

It has been 27 years since it went this long above 50. We can see below that every time it happened, the S&P 500 rose (almost) every time across (almost) every time frame. Momentum like we've seen has been a strong long-term sign.