The McClellan Oscillator is a market breadth indicator that is based on the smoothed difference between the number of advancing and declining issues on the subject index. The indicator was developed by Sherman and Marian McClellan. Extensive coverage of the oscillator is provided in their book "Patterns for Profit". A healthy bull market is accompanied by a large number of stocks making moderate upward advances in price. A weakening bull market is characterized by a small number of stocks making large advances in price, giving the false appearance that all is well. This type of divergence often signals an end to the bull market. A similar interpretation applies to market bottoms, where the market index continues to decline while fewer stocks are declining. The McClellan Summation Index is a market breath indicator based on an accumulation of the McClellan Oscillator (see description immediately above). The McClellan Summation Index is a long-term version of the McClellan Oscillator. Its interpretation is similar to that of the McClellan Oscillator except that it is more suited to major trend reversals. The Percentage of Component Uptrends measures the total number of components within the particular index or ETF that are in uptrends (as defined by MasterDATA's Trend Channel indicator). If knowing the current trend of the subject index or ETF is important, knowing the current trend of every component issue within that index or ETF provides tremendous insight into the "guts" of what is happening. Indications of possible overbought and oversold conditions as well as potential Index turning points and/or likelihood of a continuing trend. The total number of new one year highs and new one year lows within an index or ETF is calculated for the specified data period. There is a definite tendency that one new high will be followed by subsequent new highs. When new one year highs decline, be cautious. When they decline after several days of new highs, a consolidation or correction may be eminent. New highs may also mark the beginning of a price move. | 
