Don’t look now, but the S&P 500 and all ten of its major sectors are currently overbought.  This means they’re all trading more than one standard deviation above their 50-day moving averages.  In the screen below, the light red shading represents between one and two standard deviations above the 50-DMA, while the dark red shading represents between two and three standard deviations above the 50-DMA.  As you can see, most sectors are right near the two standard deviation mark.  Anything above this level is considered extreme.

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