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 8/30/11.
After reaching the deeply oversold level of 2% on August 8th, this index has snapped back in a big way. The 10-day moving average of this index is 21% and the one-day reading is 44%. Dips in this index have often provided good opportunities to add money to relative strength strategies.