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It took a while but last week we finally saw a breakout in the number of stocks trading at overbought levels. At a level of 63.4%, the percentage of S&P 500 stocks trading more than one standard deviation above their 50-day moving averages is now at its highest level since last February. At the same time, just 6% of S&P 500 stocks are oversold, and that’s actually a relatively high number given how many stocks are at overbought levels. Last February, the last time there were this many overbought stocks, the percentage of oversold stocks was under 4%.  That suggests that there is a bit more dispersion in the market than there was this time last year.

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