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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 671.910.0%Nov 14 4:00 PM EST
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To: Patrick Slevin who wrote (250)12/3/1998 9:34:00 PM
From: James Strauss  Read Replies (1) of 99985
 
McCLELLAN SUMMATION INDEX

Patrick:

Here is an explanation of the Summation Index...

The Summation Index is a long-term indicator which oscillates in relation to a Zero Line. The normal range of movement is between Zero and +2000. Movement below the Zero Line is considered bearish, while movement above +2000 is considered bullish. Historical extremes are approximately +4000 and -2000.

The direction of Summation Index movement, up or down, is an indication of whether money is moving in or out of the market. When the Summation Index moves below the Zero Line it is an extremely negative sign for the market and indicates that a long-term down trend is in progress and is likely to become more severe; however, it is also likely that a significant market bottom is a few weeks or
months away. Once the Summation Index drops below the Zero Line, we should anticipate a bottom in the area of -1000 or below. Once that oversold Summation Index bottom has formed, it provides strong evidence that a major market bottom is in place.

There are instances where Summation Index oversold bottoms have formed and were followed by continued selling in the market and lower Summation Index lows, so you should look at our historical charts, which track this index back to 1926, to get an idea of its various configurations.

decisionpoint.com

Jim
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