Wednesday, November 23, 2011

Equities: "Back to Oversold" (DIA; SPY; XLF)

In a couple minutes they're going to get even more oversold.

From Bespoke Investment Group (click through for the sector trading range charts):
As of yesterday's close, the S&P 500 and all ten of its sectors were trading back below their 50-day moving averages.  As shown below, the Telecom sector is currently the only one trading in oversold territory (more than one standard deviation below its 50-day), but there will likely be quite a few more after today's open since futures are pointed lower once again.  Financials, Utilities and Health Care are the next closest to oversold.  Energy, Industrials and Consumer Staples are the closest to their 50-days.