With the S&P 500 Index (SPX) notching all-time highs on a regular basis over the past few months, I thought I’d examine an overbought indicator to see where we stand. I decided on the SPX relative to its 50-day moving average. Monday of last week, which happened to be the most recent all-time high for the index, the SPX got to 4% above its 50-day moving average, which is the point I’m defining as overbought. The first table below summarizes the returns for the SPX after it got to 4% above its 50-day movin ...