Below is an updated look at where the S&P 500 and its ten sectors currently stand within their normal trading ranges. Ā In the table below, the red shading represents overbought territory, while the green shading represents oversold territory. Ā The black vertical "N" line represents each sector's 50-day moving average.
As shown, the S&P 500 and six of ten sectors remain in overbought territory, with Consumer Staples the most overbought. Ā Nine of ten sectors are above their 50-day moving averages. Ā The Materials sector has moved solidly below its 50-day with today's declines.
Interestingly, while the US remains on solid ground, the rest of the world has been struggling. Ā Below is our trading range screen run on the 30 largest country ETFs. Ā As shown, 14 of the 30 countries are actually in oversold territory, while just two (Japan and the US) are overbought. Ā Brazil is the most oversold, while countries like Spain, Columbia, India, South Africa and Taiwan aren't far behind. Ā In late 2012, it was the US that struggled while the rest of the world rallied. Ā That trend has completely reversed as the first quarter of 2013 comes to an end.
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