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Technical Talk

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Volume Oscillator Alert for XLK

By Arthur B. Hill - Thu 25-Sep-08 11:03 AM EDT

The McClellan Volume Oscillator moved into positive territory for the Technology SPDR (XLK) and this triggered a Volume Oscillator Alert (BullX). The crossover was just barely as the oscillator closed at 1.7 on Wednesday. Typically, a surge above 50 is needed to show real strength that can facilitate a rally.

In early August, the McClellan Volume Oscillator surged above 50 and the Summation Index moved above its 20-day EMA (blue dotted line). The moves facilitated a rally that lasted seven days. Not all signals are great as the August rally fell well short of expectations.

Nevertheless, the McClellan indicators could be setting up for another bullish signal. The Summation Index is currently near support from the prior lows (green rectangle) and the McClellan Volume Oscillator has a slight positive divergence working the last few weeks. A surge above 50 in the McClellan Volume Oscillator would provide the bullish trigger for breadth.

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Technology SPDR (XLK) click here

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