FYI: This is a one step forward, one step back kind of market. We’ve basically traded sideways all year as we approach the half-way point of 2015. After a nice bounce off of the 50-day moving average yesterday, the S&P 500 has pulled back below it today. Below is a look at our trading range screen for the S&P 500 and its ten sectors as of this afternoon. As shown, along with the S&P 500 as a whole, the Consumer Staples, Energy, Industrials, Materials and Telecom sectors are now below their 50-DMAs as well. Last week at this time the S&P 500 and three sectors were overbought, but we’ve got no overbought sectors after today’s declines.
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/back-and-forth-continues/
