Helene Meisler writes a daily technical analysis column and TheStreet Top Stocks. For more information, click here. Meisler spent more than a decade on the sell side as a market technician covering institutional accounts at various investment banks in New York City, including Cowen & Co. and Goldman Sachs. In addition she worked at Cargill in Minneapolis where she managed equity money for three years. She received her bachelor's degree in business from Pace University.
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It's the same concept as the Overbought/Oversold Oscillator only it uses the 30-day moving average of the net of the advance/decline line.
We're like a dog chasing its tail on the 50-day moving average line.
A pullback would shake out weak hands and make some of the charts better.