Investors are getting back to focusing on markets this morning yesterday’s spectacle in Washington has come and gone. With just one trading day left in the week though, we thought it would be a good idea to highlight where things stand on a sector by sector level.
The chart below is from the second page of our Morning Lineup and shows where sectors are trading with respect to their trading ranges and how they’ve moved over the last week. The S&P 500 and most sectors continue to trade at overbought levels, although everyone with the exception of Energy and Communication Services has moved lower with respect to its trading range over the last week. The big movers, though, have been Materials and Financials, which have moved from overbought to either oversold or near oversold in the course of only a week. While it’s perfectly normal for sectors to ‘digest’ gains after a big move, those kinds of shifts aren’t particularly normal and suggest a good deal of uncertainty towards the sectors on the part of investors.
Start a two-week free trial to Bespoke Premium to see today’s full Morning Lineup report. You’ll receive it in your inbox each morning an hour before the open to get your trading day started.