Bespoke's Sector Snapshot (8/20/08)
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Below we highlight our trading range charts of the S&P 500 and its ten sectors. The blue shading represents between one standard deviation above and below the sector's 50-day moving average. The green shading represents between one and two standard deviations below the 50-day, and vice versa for the red shading. Moves in and below the green zone or in and above the red zone are considered oversold and overbought.
As shown, the S&P 500 is currently trading in neutral territory after bouncing off oversold levels in July. The index recently broke below its 50-day, so it looks like a move back into the green zone could unfold.
On a sector basis, Energy, Materials, Utilities and Telecom are trading in the green zone, while Consumer Staples and Health Care are the only ones overbought. After trading into overbought territory last week, Consumer Discretionary and Technology have moved back into neutral territory and are set to test support at their 50-days soon. If they can hold, their uptrends should stay intact.
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