The chart below shows the daily percentage of stocks in the S&P 500 that are overbought (red line) and oversold (green line). It's updated each day in our Daily Morning Lineup for Bespoke Premium subscribers. For a stock to be overbought it must be more than one standard deviation above its 50-day moving average, and vice versa for oversold. The market has certainly come a long way lately. Following yesterday's rally, over half (53%) of the stocks in the S&P 500 are currently overbought, while only 7.6% are oversold. The last time we saw values this high for overbought stocks and low for oversold stocks was back in late April.