Every weekday, the CNBC Investing Club with Jim Cramer releases the Homestretch — an actionable afternoon update, just in time for the last hour of trading on Wall Street. Market moves: Wall Street was having another soggy session. A lower close for the S & P 500 would mark its fourth out of the past five sessions. The index was also on pace to break its three-week winning streak. The pressure on stocks came as the 10-year Treasury yield soared this week from about 4.15% to 4.4%. Recently, the S & P 500 has gone through a stretch of bad breadth — meaning more stocks closing lower than higher. Thursday was a good example, with 326 stocks in the index falling and only 174 rising. Analysts at Deutsche Bank pointed out that Thursday was the ninth consecutive session of more down than up stocks, its longest such streak since 2001. It’s no wonder the S & P 500 Short Range Oscillator has steadily fallen after working off its most recent overbought condition. The Oscillator showed the market was technically overbought from Nov. 29 through Dec. 6, which was the same day the S & P 500 last made a closing high. However, there is still a little more work needed to get to oversold. After Thursday’s close, the Oscillator broke below minus 2%, meaning it’s not quite there yet as minus 4% is the threshold. The Oscillator measures buying and selling pressure in the market, and we use it to see when to consider lightening up on stocks in overbought markets and buying in oversold markets. Every time we mention the Oscillator, we’re flooded with requests from Club members:
