By Govind's request:
It will be helpful if u post the T2108 during 2000 top to 2002 bottom.It will give an idea about indicator trend during bear market. $SPXA50R is available for only 3 years.
Here it is. You can click for a larger version. The S&P 500 is in red.
As you can see, the general idea still holds -- it doesn't spend much time below 20 or above 80. (Note that the first spike below 10 was post 9/11 when things were really ugly.) I posted a similar long term chart of T2108 by a similar request over a year ago. The song continues to remain the same.
tx mike.