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.