Thursday
Sep132012
Bespoke's Sector Snapshot
Thursday, September 13, 2012 at 05:40PM 
Today’s huge upside move following the Fed’s new QE announcement has pushed the S&P 500 to overbought levels that it hasn’t seen since last October. At 2.2 standard deviations above its 50-day moving average, the S&P is certainly extended here. As shown at right, 9 of 10 sectors are currently overbought as well, with the Financials and Materials sectors actually trading at 3 standard deviations above their 50- days.
Today’s move pushed breadth readings up to levels that bulls have wanted to see for a long time now in order to get confirmation of this rally...
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