Currently, the only two sectors that are trading in overbought territory (1+ standard deviations above its 50-DMA) in our Trend Analyzer are Technology and Communication Services. Meanwhile, Financials, Industrials, Utilities and Real Estate are all closer to oversold territory than overbought without any of those sectors yet to have even moved above their 50-DMAs.
As for short-term breadth levels as measured by the 10-day advance/decline line, as shown in the charts from our Daily Sector Snapshot below, those same sectors in addition to Consumer Discretionary and Materials have actually begun to touch oversold levels after the late day reversal lower yesterday and a lack of a push higher with lackluster breadth over the prior few days.
Even the sectors that have been market leaders like Health Care, Communication Services, and Tech have more neutral 10-day A/D line readings at the moment even with prices at or near overbought levels. Start a two-week free trial to Bespoke Institutional to access our Daily and Weekly Sector Snapshots and much more.