Below is a look at our trading range screen for the S&P 500 and its ten sectors. Â 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. Â 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. Â Consumer Staples has had the biggest negative swing, as it is now more than two standard deviations below its 50-day. Â 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. Â Just three sectors remain above their 50-day moving averages -- Health Care, Utilities and (surprisingly) Financials.
Copyright Š Bespoke Investment Group
