Last week at this time, the S&P 500 and 8 of its 10 sectors were trading in overbought territory. As shown below, just 3 sectors remain overbought after today, while 4 sectors are now below their 50-day moving averages. Consumer Staples, Technology and Telecom are the 3 sectors hanging onto overbought levels, while Health Care, Industrials, Materials and Utilities are the 4 that are below their 50-days.
In the Dow 30, there are now more stocks that are oversold (7) than overbought (6), and a few names have recently fallen completely out of bed. Last week at this time, Boeing (BA) was trading just above its 50-day, but today the stock dropped to more than two standard deviations below its 50-day. BA is currently the most oversold stock in the Dow, but Travelers (TRV), Merck (MRK), Johnson & Johnson (JNJ) and Hewlett-Packard (HPQ) aren't far behind. Just 4 Dow stocks have moved higher within their trading ranges over the last week -- Kraft (KFT), Pfizer (PFE), Verizon (VZ) and AT&T (T).