After The Bounce...

 |  Includes: SPY, XLB, XLE, XLF, XLI, XLK, XLP, XLU, XLV, XLY
by: Bespoke Investment Group

Last week at this time, the S&P 500 and nine of ten sectors were oversold, and various internals we track were at their most extreme negative levels in at least a year. As shown below, stocks have seen a nice bounce across the board off their lows last Thursday, and after today's 43 basis-point rally for the S&P, just one sector remains oversold.