[pcabc]

I thought I had replied to this but obviously lost it when correcting something else.  I notice you use the McClellan, both the oscillator and the summation index in your breadth charts.  Do you find them useful? 

Yep, I find they give some differences to the AD data. Although the McClellan oscillator is very similar in moves to the 10 day SMA Momentum Index. But the summation index is fairly unique.

It is interesting, as looking at bull or bear indication using the Summation Index I can get a fairly consistent match with stages 2 and 4 on the price index.  However, there are disagreements and I don't think they are necessarily signs of divergence in these cases, though it sometimes.   However, there are some periods of disagreement as it can indicate bear during a clear bull market and via-a-vis.  The simple answer is that you never rely on a single indicator but rather rely on the weight of evidence.

Its tempting to apply it to advancing / declining volume, but there is a danger that I am just making stuff up?  It might be no less  appropriate than comparing advancing / declining volume to various MAs?