S&P 500: rich relative to its 200-day ma - BBH

Analysts at Brown  Brothers Harriman noted that the S&P 500 were virtually flat last week.  

Key Quotes:

"Momentum has evaporated, but rather than correct lower, it is moving sideways.  

This may be serving to keep some nervous longs invested.  

A break of 2250 would be the first sign that the correction may have begun. Since November 4, the S&P 500 rallied 9.3% before the consolidation began.  

The Slow Stochastics rolled over first, and the MACDs are in the process of turning lower."

" The RSI is drifting lower.   It is also unusually rich relative to its 200-day moving average.  It has been more than two standard deviations (2~253) above its 200-day moving average since December 7."