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Attached is long-term chart of the S&P on a monthly basis stretching back to
1980. I put this chart together last week, before the modest rally. The
chart shows that the S&P is now resting on the long-term trend line which
has been clocking about a double once every 6.25 years (about 11% CAGR).
If an investor were to assume US economic growth were to continue unabated,
with the bull-trend in tact, then clearly now is time to be a buyer. A more
cautious approach would to wait for the trend to turn positive again (the
lower line to cross above zero), which might take a while, from the oversold
level.
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