Bespoke's Sector Snapshots

Below we highlight our trading range charts for the S&P 500 and its 10 sectors.  The bottom of the green shading in the charts below represents 2 standard deviations below the 50-day moving average.  After yesterday's 8% decline, the S&P 500 moved more than 3.5 standard deviations below its 50-day moving average.  Every sector except Telecom moved below the green shading, indicating extreme oversold territory.  Judging by the charts, Industrials, Energy, Technology and Materials took the biggest hits yesterday, while both Consumer sectors and Financials remained above their July lows.  We're getting an oversold bounce today, but severe downtrends are still in place.

Comments

[granger:]

Thank you as always. Love the info,especially the chart frormat and style. A picture is worth a thousand words. Thanks again, good stuff.

2008 Oct 04 04:34 AM