Bespoke's Sector Snapshot (6/3/08)

Below we highlight our trading range charts of the S&P 500 and its ten sectors.  The red shading is between one and two standard deviations above the sector's 50-day moving average, and vice versa for the green shading.  Sectors are considered overbought when the price moves in or above the red zone and oversold when the price moves in or below the green zone. 

As shown below, the S&P 500 is trading in neutral territory just above its 50-day moving average.

The Financial sector is the only one currently trading into oversold territory, and it is getting very close to moving below its March lows.  Thankfully it's no longer the biggest sector in the S&P 500.  Utilities, Telecom, Materials, Energy and Technology are still in or close to overbought territory, while both Consumer sectors and Health Care are seeing a tightening of their trading ranges as prices consolidate.