The above chart highlights the current levels of the S&P 500 and its ten sub-sectors relative to their trading ranges. For each index or sector, the circle represents the current level while the tail represents where the index or sector was one week ago. The light red and green regions represent between one and two standard deviations above (or below) the 50-day moving average (DMA), while the dark red (and green) shading represents more than two standard deviations above (or below) the index's 50-DMA.
As shown in the chart, the S&P 500 and all ten sectors are currently trading at overbought levels, so the recent strength in equities has been a tide that's lifted nearly all boats. To further illustrate this point, we would note that as of yesterday's close 92.4% of the stocks in the S&P 500 are trading above their 50-DMA while 77.4% are overbought (1+ standard deviation above 50-DMA).