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S&P 500 Works Off Overbought Levels zt

3已有 54900 次阅读  2012-09-26 07:09   标签div  title 

S&P 500 Works Off Overbought Levels

The S&P 500 is riding a 4-day losing streak, and following today's 1% pullback, the index has moved back below overbought territory for the first time in a few weeks.  As shown below, last week at this time, nine out of ten sectors were overbought, but as of the close today, just three were overbought -- Consumer Discretionary, Health Care and Telecom.  The only sectors that haven't pulled back over the past week are the defensive ones -- Health Care, Telecom and Utilities.  The Utilities sector has actually moved up out of oversold territory while the cyclical sectors have really gotten hit.  The Industrials sector is now the closest to its 50-day of the nine that are still above their 50-days.

Breadth has obviously taken a hit with this pullback as well, but it still remains strong.  As shown below, 70% of stocks in the S&P 500 are currently above their 50-days.  


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