Below we highlight our trading range charts of the S&P 500 and its ten sectors.  Moves into or below the green shading represents an oversold reading (red=overbought). 

The S&P 500 is walking on thin ice right now, barely holding support levels made from the March lows.  If it breaks support, the index will resume the long-term downtrend that has been in place since 2007.  Unfortunately, Financials, Industrials, Consumer Discretionary, Consumer Staples and Health Care haven't been able to hold their March lows.  It's going to take a lot of work on the upside to get these sectors out of their downtrends. 

While Technology, Materials and Telecom haven't broken their March lows, they are in extreme oversold territory.  Utilities and Energy are the only sectors holding onto uptrends.

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