Have a look at our trading range screen for the S&P 500 and its ten sectors below.  This is where things stand after this morning’s rally!  The far left of the screen at the end of the dark green shading represents three standard deviations below the 50-day moving average.  The S&P as a whole and six of ten sectors are still at or more than three standard deviations below their 50-days.

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The 30 Dow stocks are pretty much just as oversold:

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