Currently, just 14% of stocks in the S&P 500 are trading above their 50-day moving averages. While this is extremely oversold, the number got down to 8% last August and 11% in January.
Financials and Industrials are the sectors struggling the most. Each of them have just 2% of stocks trading above their 50-days. Consumer Discretionary isn't far behind at 5%, however. The two sectors that look the best at the moment are Health Care and Utilities. Health Care has 42% above their 50-days, while the Utilities sector sits at 39%.