SPX -- Monthly Chart

The month of May is not even half over, but I thought it would be interesting to have a
look at the SPX monthly chart anyway. SPX Monthly

Of course the market is overbought and we all know that. What strikes me though is that
the monthly MACD measure for the SPX is fast approaching the high levels last seen
during the grand bubble years of of 1998 - 1999. As well, longer term RSI is moving up to
a strong overbought as is the momentum measure.  They have started to chase stocks hard
and if you are a long side player with heavy (for you) money on the table, know that you
are now with fast company and big players who have a variety of issues with this market
but who do not want to lose client business because they are on the sidelines in a power
momentum run.