While everyone has become so concerned about the market’s "frothiness" due to the lack of a 10% correction or even a 2% down day, we would highlight that the S&P 500 is currently trading less than 2.5% above its 50-day moving average.  On a historical basis, anything less than 5% above the 50-day moving average is considered neutral.  Based on this measure, the market has not been overbought at any point over the last two years, while it has been oversold once.