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Hickey and Walters (Bespoke) submit: Below we highlight the trading areas and historical p/e ratios of the ten major sectors of the S&P 500. The trading area is represented as two standard deviations above and below the sector's 50-day moving average.

Most sectors continue to trade near overbought levels, although Utilities have come in a little bit lately. Also noteworthy are the sectors whose p/e ratios have not risen along with price. Financials, Materials, and both Consumer sectors currently have positive divergences between price and p/e.

Have a great Memorial Day weekend!

click to enlarge
financials industrials

tech energy

consumer discretionary/staples

healthcare materials

utilities telecom

Source: Financials, Materials, Consumer Sectors Have Positive Price-P/E Divergence