Sector Momentum

Below is a quick snapshot of where the S&P 500 and its ten sectors are currently trading (the black dots) as well as where they were trading a week ago (the tail).  While six sectors remain overbought, all but the Financials have moved lower within their trading ranges over the last week, signifying a loss of momentum.  While the pullback is a negative for bulls, one positive is that it's the defensive sectors (Health Care, Telecom, Staples and Utilities) have seen the biggest declines within their ranges.  The Utilities sector is actually now oversold.