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 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. Currently, the S&P 500 and all ten sectors are oversold, although to varying degrees of 'oversold-ness.' While Industrials, Financials, and Health Care are the least oversold, Utilities, Consumer Staples, and Energy all remain firmly in severe oversold territory. The bulls could use a bounce right about now.