Jon Peter's  Instablog

I think we have maybe another month (or less?) of solid bull market action, then something will give in a big way. That "something" of course, will be the debt ceiling fiasco. It will all be reflected in the market action in the form of lower prices. I'm not bearish but things are just falling into place for a little breather soon -later this Winter or Early Spring. Here's a 3 year technical picture: Top section is a 3 year chart of S&P 500, middle section is the percentage of S&P stocks over the 50 day moving average. Bottom section is the percentage of S&P 500 stocks above the 200 day moving average. When both the 50 day and 200 day percentiles are near 90% or above, the market is essentially overbought. These conditions may persist but eventually the market will seek a breather.

(click to enlarge)

Hope this picture comes in handy. Here's the link so you can tweak it yourself.