Update on the T2108
Here's an update on the T2108 going back a little over two years - as you can see, the market has done a fairly good job of working off its oversold conditions.
The T2108's purpose is to measure the percentage of stocks trading above their 40-day moving average. There is a little more to it that Worden doesn't disclose, but nonetheless, it is a valuable tool for gauging the overbought/oversold conditions of the market at hand. Here's the T2108 Chart.