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The S&P 500 closed below its 50-day moving average on Friday and looks to break its short-term uptrend at the open this morning. In the past two weeks, the index has held support levels and made a double bottom, and if it holds today, it will make a triple bottom.

As shown below, Financials are well into oversold territory (green shading) and have broken below the lows made in July/August. Things don't look well for the sector, and we're staying away from it until a solid uptrend is formed. Consumer Discretionary is also into oversold territory, but it has yet to break below its Summer lows. Aside from Financials and Consumer Discretionary, things don't look too bad. Most sectors remain in uptrends and are trading in the middle of their normal trading ranges.

Source: Besides Financials, Most Sectors Trending Higher