Bespoke's Sector Snapshot

Below we highlight our trading range and breadth charts for the S&P 500 and its ten sectors.  The trading range charts highlight overbought/oversold levels for the various sectors, and the breadth charts highlight the percentage of stocks in the sector trading above their 50-day moving averages.

The S&P 500 is currently right at its 50-day moving average, and 49% of the stocks in the index are trading above their 50-days.  A few days ago, more than 70% of stocks were trading above their 50-days, so we've pulled back from those overbought levels in the last two days.  Most sectors are bouncing around their 50-days as well, so we're currently at a key inflection point for the market.  If indices can break above their 50-days and hold for more than a few days, the market's uptrend could continue for some time.  If we continue to head lower over the next day or two, however, oversold levels will be back in the crosshairs quickly.  For now, we're just experiencing a healthy overbought pullback within a short-term uptrend from the March 9th lows.