I usually rely on fundamental securities analysis. Howeve...

I usually rely on fundamental securities analysis. However, relative price movements sometimes add to my confidence in my analysis of the macro economy.

In this case, the relative strength index (RSI) for the S&P is helpful. This article on StockCharts.com provides background on the RSI.  http://stockcharts.com/help/doku.php?id=chart_school:technical_indicators:relative_strength_in

This indicator on BigCharts.com shows that the S&P 500 may be oversold; you can see what happens when the RSI falls below 30.



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