Indices | S&P 500 Futures (E-Mini)

A review of the technical setup now sees the index trade at 10.95% above it's 200-day simple moving average (thank you Fed liquidity). Over the last year we have seen 5 moderate to major pullbacks where the preceding average price-to-200-day ratio was 8.46%. At current levels, the 10.95% price-to-200-day ratio appears overextended relative to prior readings.