The explanation of these indicators has been moved to the "Market Review" page (go to "Market Review Chart 2" for a current chart and explanations, but read the rest of this first).  This page and chart remains primarily to make the following point  

In the chart, the McClellan Oscillator is hovering at about 150 and the Summation index has been climbing for awhile.  Note that the Summation index is also approaching the approximate level of its previous high.  The fact that the McClellan Oscillator is at a level that has turned the oscillator back in the past is also suggesting that the market is nearing a top.  However, the expected decline of the oscillator from the 150 level does not necessarily mean we will have a severe decline in the market.  The market's decline could actually be quite modest. Also, the decline may not be immediate.  The action of the Summation Index is still very positive.