McClellan Oscillator

The McClellan Oscillator is starting to reach the -80 level which has proved to be an oversold level in the past where the market (SPX) has reacted.  The -80 level does not necessarily represent extremely oversold levels though and that might more be marked by the -100.  While I may not use the McClellan as a direct trigger for entering or exiting a trade, I feel as though these key levels must be noted and I use them with confluence in other indicators.  Considering we have the potential to set-up positive divergence on many intraday SPY charts, a close below the -80 level will be very noteworthy to me.  Something to watch.