Bullish percent charts at overbought new highs for S&P 500 and Nasdaq

If you're among those feeling that the equities indices may be overbought, don't worry - there is some evidence of it. I'll be posting some additional technical charts at my UBTNB3 blogspot on this - for here, I'm posting the bullish percent charts for the S&P 500 and Nasdaq 100 (NDX). These just registered at 81 and 91, respectively. These are overbought levels. The last time these charts got near these levels, they preceded the pullback in June. Notice these charts went down to support and rose again - which is bullish of course. Now having entered overbought territory, while they could remain suspended up there somewhat longer - they're liable to cycle down again.

These charts show the percentage of stocks in these indices with P&F charts sporting bullish price targets. I take them on the default settings at Stockcharts.com for how they generate the percentages.

Sidenote to my readers including Phoevos about the ChartsEdge forecast charts - they create them with different methods for the weekly and daily. I've posted info about this at my NB3 education site, see links at right (also for the ChartsEdge sites where they post that information). Quick point: ChartsEdge uses standard short-term and long-term trading cycles to generate the week-ahead forecasts. They generate the daily maps from measuring beta particles associated with very low frequency (VLF) waves (I kid you not). (Try telling someone you daytraded successfully this week with the aid of radiofrequency waves!). So - different methods, and we can't expect them to synch up. There are more things in this heaven and earth, Horatio, than are dreamt of in your philosophy.