An indicator that I use to monitor the overbought/oversold conditions of the market based on using the percentage of stocks trading above/below their 50-day moving average in the S&P. Unlike previous sell-offs that we have experienced in the past, this would lead one to believe that have a ways to go before getting near a market bottom. This runs contrary to the stochastics that I use on the daily market analysis, which shows us more oversold than this chart.
