Bespoke's Sector Snapshot

Below we highlight our trading range charts of the S&P 500 and its ten sectors.  For each chart, the white line is the 50-day moving average, and the light blue shading represents one standard deviation above and below the 50-day moving average.  The red and green shading represents between one and two standard deviations above and below the 50-day moving average, and anywhere outside of this range is considered extreme overbought and oversold territory.

You don't have to look at the charts to know that we're in extreme oversold territory, but they do provide an astonishing picture of just how bad things got last week.  For the S&P 500 to even get back to the bottom of the green area, it needs to rally more than 12%.  To get back to its 50-day, it needs to rally 35%.

click to enlarge