RE: Market Breadth Update
Here is an interesting way to use the McClellan indicators with moving averages.
Also this from the McClellans themselves on determining who is in control of the markets from this article. Important excerpt below:
There is a rule that we use when interpreting the Oscillator's structure: The complex side is the strong side. What I am referring to is a complex structure that is entirely above or below zero, with lots of chopping up and down but without a crossing of the zero line. When you see that, the message is that whichever side of zero it is forming on is the side that is in control. So a choppy complex structure above zero means that the bulls are in charge, whereas a complex structure below zero means that the bears are in charge.
A "simple" Oscillator structure is one where you see it move across the zero line and then turn straight around without building any complexity. Such a structure says that there is no control of the market by the side on which the simple structure forms.