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 deviation below its 50-day moving average), while the red shading represents overbought territory.
Given the fact that it was the first time since June 1989 that the S&P 500, Nasdaq, and DJIA all finished with a daily change of +/-2 basis points or less, it should not be a surprise that we are still right where we left off last week. Â Currently, the S&P 500 and all ten sectors are oversold, although to varying degrees of 'oversold-ness.' Â While Industrials, Financials, and Health Care are the least oversold, Utilities, Consumer Staples, and Energy all remain firmly in severe oversold territory. Â The bulls could use a bounce right about now.
