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With a decline of 2.3% today, the S&P 500 had its worst day since Nov. 7, 2012, which was the first trading day after the 2012 election. Below is a one-year trading range chart for the S&P 500. As shown, we saw a sharp pullback from extreme overbought territory today, which we thought might be coming last Thursday. While today was certainly painful, the index remains within its long-term uptrend channel and above its 50-day moving average.

(click to enlarge)

Not all sectors remain in long-term uptrend channels after today, however. As shown below, Energy, Materials, Industrials, and Technology are now in oversold territory. Energy and Materials are as oversold as they've been in years after collapsing into the close today.

There are four sectors that are still overbought though. Unfortunately, they're the four "defensive" sectors -- Consumer Staples, Healthcare, Utilities, and Telecom. These four sectors, along with Consumer Discretionary and Financials, remain above their 50-day moving averages along with the S&P 500 as a whole.