Below is a snapshot of where the S&P 500 and its ten sectors currently stand within their trading ranges. For each sector, the dot represents where it is currently trading, while the tail represents where it was a week ago. The Neutral (N) line represents the sector's 50-day moving average, and the white area is between one standard deviation above and below the 50-day. The light red shading represents between one and two standard deviations above the 50-day, while the dark red shading is more than two standard deviations above the 50-day.
As shown, the S&P 500 and nine of ten sectors are currently in overbought territory. The lone sector that isn't overbought is Utilities. This again highlights the recent rotation that we've seen out of defensives.
Technology is currently the most overbought sector, while Materials and Energy are both in extreme overbought territory as well. The market can stay overbought for long periods of time when it is in a strong rally, but if things get too much more overheated in the near term, we'll likely see a pullback at least to the bottom of the light red shading in the charts below.