S&P 500: Z-Score At Ridiculous Levels

Measuring the Z-score against the historic levels shows that there is a great deal of excess that has built up of late and if you are a mean reversion type, you are probably short. (market, not height)

Tracking back in time, there were few other instances when the levels away from the 200 day moving average have been so dramatic.

* We are using the 200 day MA for the input.