Some overbought indicators produced at QRiskValue show only a few times when the market construct was this poor for the S&P500 futures. October 9th of 2007 (futures 1576), January 24th of 2008, (1352), July 7th 2011 (1318), July 27 2012 (1368).
The 2007, 2008 break in the market went to 665.75 in the spot futures, 2011 break to 1068.
Construct weighs upside potential and current market strength.
