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

After a downright depressing Friday, the technicals of the S&P 500 and some of its sectors have taken a big hit.  The S&P 500 broke below its 50-day moving average as well as the short-term uptrend it had formed off the March lows. 

While the index is close to oversold levels (one standard deviation below its 50-day), it has been no stranger to extreme oversold levels (below the green shading) over the past year.  Friday also saw Financials, both Consumer sectors, Industrials and Health Care all move to oversold levels.  The struggling Financial sector even moved below its March lows. 

On the flip side, Technology, Telecom, Energy, Materials and Utilities are all closer to the top of their trading ranges than the bottom.  We'll see if this sector divergence continues this week.