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 8/23/11.
After reaching the deeply oversold level of 2% on August 8th, this index has risen some. The 10-day moving average of this index is 13% and the one-day reading is 18%. Dips in this index have often provided good opportunities to add money to relative strength strategies.