McClellan Oscillator's interesting kiss-back to moving average can be bearish sign for equities markets

The McClellan Oscillator which was actually developed (and still maintained at a technical analysis site devoted to it) by the McClellans, is often used classically as an indicator when it crosses the zero line. But we've had good results looking at when it's overbought and oversold (note the StochRSI indicator in the top window of my McClellan charts, below). It can even be charted with trendlines across the Oscillator's peaks and valleys, as I've shown in the past. Today, we see that the Oscillator flipped back up to its own 50-day moving average. Looking back, sometimes that's been enough to turn it back (either up OR down). Not always - so we'll just consider it along with other factors. But this will gain strength as a "sell" indicator when the StochRSI also turns down again and drops under the .80 line.

PS: update at 9:30 pm, adding the bullish percent charts for SPX and NDX. Despite the NDX getting an upgrade on its own P&F chart, its components have rolled over along with those of the SPX. Both having dropped under the 80 level now. This was one of our signs of the rally topping out.