Below is a look at our trading range screen for the S&P 500 and its ten sectors. For each sector, the dot represents where it is currently trading within its range, while the tail represents where it was trading one week ago. The green shading represents oversold territory (more than 1 standard deviations below its 50-day moving average), while the red shading represents overbought territory.
As shown, the S&P 500 and two sectors -- Consumer Staples and Industrials -- have moved from overbought to oversold in just five trading days. Consumer Staples has had the biggest negative swing, as it is now more than two standard deviations below its 50-day. Technology and Telecom are the other two sectors that are oversold.
While five sectors were overbought last week at this time, no sectors remain overbought after today's big market decline. Just three sectors remain above their 50-day moving averages -- Health Care, Utilities and (surprisingly) Financials.
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