Bespoke's Sector Snapshot

Below we highlight our trading range charts for the S&P 500 and its ten sectors.  The red shading and above it is overbought territory, while the green shading and below it is oversold territory.  As shown, after breaking just above its longer-term downtrend, the S&P 500 has stalled at resistance even though it remains slightly overbought.  The next level of support for the index is at the 1,380 level. 

On a sector basis, most of them have moved back into neutral territory after trading overbought for a week or so.  Short-term uptrends remain, but we'll need to see support hold soon if they are to stay intact.  Energy, Materials, Telecom and Technology are still slightly overbought, with Energy and Materials at or close to their 52-week highs.

    

Comments

[bsneath]

Shouldn't the line for energy be raised slightly as opposed to being straight lined? May not be slightly overbought after all.