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Below is our trading range snapshot for the S&P 500 and its ten sectors. The Neutral (N) line represents each sector's 50-day moving average, while the white shading represents between one standard deviation above and below the 50-day. Moves into the red shaded areas are considered overbought, while moves into the green shaded areas are considered oversold. For each sector, the black dot represents where it is currently trading, while the end of the tail represents where it was trading one week ago.

As shown, last week at this time, the S&P 500 and five out of ten sectors were in oversold territory. After this week's gains, the S&P 500 and all ten sectors are now back above their 50-days, while four sectors are overbought. The Consumer Staples sector is currently the most overbought, while the Financial sector is lagging the most and is closest to its 50-day.

Source: Back To Overbought