S&P 500 Near Overbought Levels

From Bespoke Investment Group:

At its peak yesterday, the S&P 500 briefly traded more than one standard deviation above its 50-day moving average before closing slightly below this overbought threshold. Since the S&P 500 peaked in October 2007, prior occurrences where the index has closed at overbought levels have been relatively rare and brief. Following prior instances, the S&P 500 has quickly reversed and headed lower. Overbought levels can be worked off either with sideways trading over time or by falling prices....MORE