The chart below measures the percentage of high relative strength stocks that are trading above their 50-day moving average (universe of mid and large cap stocks.) As of 2/2/10.
The 10-day moving average of this indicator is 46% and the one-day reading is 52% after falling to a single-day low of 28% on 1/29/10. This oscillator has shown the tendency to remain overbought for extended periods of time, while oversold measures tend to be much more abrupt.
