McClellan Oscillators giving sell signals

The McClellan Oscillators for the NYSE and for NASDAQ gave sell signals today. Both oscillators crossed over the zero line, and both summation indexes have begun turning over. Interestingly, both summation indexes have turned over as they've approached trend line resistance.

The McClellan Oscillator does a good job in marking short-to-intermediate term tops. On occasion, such as the winter of 2007-2008, these tops last 1-2 weeks, but often the tops are more lasting.

This is a bad sign for equities.

The top panel contains the NYSE McClellan Oscillator, the second panel contains the NYSE McClellan Summation Index and the third panel displays the NYSE. The fourth, fifth and sixth panels are the same but with NASDAQ.