SP 500, overbought or oversold ?

Quick look at the SP 500 chart ;
1) The obvious question right now is are we oversold/overbought ?
2) What technical tools can be used to find out if we are ?
3) Credit Suisse wrote a great article on "Does Technical Analysis Work ?" (regarding overbought/oversold signals.
What do I consider important ?
1) ABC patterns (combined with fundamental news)
2) Moving averages
3) Spread between price and their moving averages
Ok, back to the chart ; focusing on price reaction vis à vis its 50 days exp moving average.