After the huge run up in the markets today, its time to turn to our trusty ol' McClellan Oscillator to see if the markets are at or approaching overbought levels. Below are the charts of NYSE and NASDAQ McClellan Oscillators respectively with the overbought levels marked on them. So, are the markets overbought here?
And the answer is: NO! Not even close.
I will be back later with a watchlist of stocks from the financial stocks.
Take care and good luck!