Below we highlight our trading range chart for the S&P 500 and its ten sectors. While the last two days have been very week, the index is still right where it was at last Friday at this time. In the charts below, the black dot represents where the sector is currently trading within its trading range, while the end of the tail is where it was trading one week ago. As shown, you can see the tails on just three sectors, meaning the other seven are pretty much exactly where they were last week at this time. At the moment, seven sectors are oversold, while the other three are in neutral territory. The utilities, consumer staples and healthcare sectors - all defensives - are the three sectors that aren't oversold. This isn't an area of the market that you'd like to see strength in.
We also provide our trading range charts for other asset classes like currencies, fixed income and commodities. As shown, the euro has moved back above its 50-day moving average over the past week, while the yen is very close to oversold territory (one standard deviation below its 50-DMA). The 2-year and 10-year Treasury Notes are in oversold territory, along with gold and silver. Oil and natural gas have moved from oversold to neutral over the past week, while gasoline has dropped below its 50-day.