S&P 200 vs 50 Day Moving Average

Consistent with the laws of mathematics, the 50 day moving average of the S&P 500 is currently above the 200 day moving average.  In an attempt to use the divergence of the 50 and 200 dmas as a proxy for how overbought/oversold the index is, below is a chart of the difference between the 50 and 200 dmas since 2008.  At the current level, the 50 day is about 100 points above the 200 day.  In the last two peaks, this metric got into the 125 area.  

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