We’ve just released our weekly Sector Snapshot report (see a sample here) for Bespoke Premium and Bespoke Institutional members. Please log-in here to view the report if you’re already a member. If you’re not yet a subscriber and would like to see the report, please start a 14-day trial to Bespoke Premium now.
Below is our trading range screen of the S&P 500 and its ten sectors. For each sector, the dot represents where it’s currently trading within its range, while the tail end represents where it was trading one week ago. Moves into the red zone are considered “overbought,” while moves into the green zone are considered “oversold.”
The black vertical “N” line in the screen represents each sector’s 50-day moving average. Solid gains today pushed the S&P and all ten of its sectors above their 50-day moving averages. That’s a healthy sign in our view.
Notably, even with the index trading slightly overbought from a price perspective, the S&P 500’s 10-day advance/decline line is slightly negative. That means underlying internals are far from overheated. This suggests that there’s still plenty of room to run on the upside if investors can just stay upbeat.
To see our full Sector Snapshot with additional commentary plus six pages of charts that include analysis of valuations, breadth, technicals, and relative strength, start a 14-day free trial to our Bespoke Premium package now. Here’s a breakdown of the products you’ll receive.