The red shaded area in the chart below indicates overbought territory (more than one standard deviation above the 50-day moving average). Â Even after today's 1%+ decline, the S&P 500 and 8 of 10 sectors remain overbought. Â Only Materials and Technology (thank you, Apple) are in neutral territory, and both sectors are still above their 50-days (the black vertical line). Â If this market wants to go lower, it has a long way to fall before even sniffing oversold levels.
Copyright Š Bespoke Investment Group
