FYI: On Thursday afternoon, the bottom has fallen out of US equities. What makes the moves even more extraordinary is that the move in US equities has been tame compared to what we have seen in other global markets. Through Monday’s close, the S&P 500 is now more than three standard deviations below its 50-DMA and at its most oversold level since January. The graphic to the right shows the current levels of the S&P 500 and each of its ten sectors relative to their 50-DMA. Along with the S&P 500, four sectors (Consumer Discretionary, Financials, Industrials, and Materials) are also trading more than three standard deviations below their 50-DMAs. At the same time, Telecom Service and Utilities are trading at overbought levels!
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/getting-extreme-oversold-readings-quickly/
