Indexes At Extreme Levels Above 200 MA's

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How long have we've been hearing that the markets are due for a correction now? Granted it seems as if nothing can bring this market down...but something to consider, the S&P500 & Nasdaq daily charts relative to their respective 200 day moving averages, do suggest could see a pullback at any time. Now what will be the catalyst is another question?

*Note from Sept 2010 to May 2011 $SPX gained 30%. From Oct 2011 to April 2012 +32%. Now from December 2012 we need to see $SPX 1755 for +30%  the index would need to rise 88 points from today's close. Also to get a 15%+  the 200ma would be at 1500.

A Look At The S&P500 & NASDAQ Weekly Charts

Looking at the $SPX & $COMPQ weekly charts using a 26 weekly ema & a 52 week sma. As in previous post on this indicator, I like to use it as a confirmation BUY/SELL indicator. Note the 950 level on the $SPX while the 26/52 have not intersected as of yet...while on the Nasdaq $COMPQ the 1,900 level has been surpassed & the 26/52 are kissing?! Apparently the Nasdaq has been leading on the technology sector's strength. [*note: the A50R, A150R & A200R for each index, indicates the percentage of stocks in that index trading over their respective 50, 150 & 200 ma's...below 20 oversold & over 80 overbought]

*click on charts to expand images