FYI: The S&P 500's rally to end last week proved to be a pump-fake, as the gains have already been washed away this week. As shown below, the S&P is still hanging onto an uptrend for the year, but its recent failure to make a new high above its July highs is a negative technical set-up.
Below are trading range charts of the ten major S&P 500 sectors (Real Estate is excluded). The red shading represents overbought territory while the green shading represents oversold territory. The white line is the sector's 50-day moving average. Every cyclical sector is now below its 50-day moving average. Consumer Staples and Utilities are the only sectors above their 50-DMAs and the only sectors that managed to make new highs during the S&P's early September rally.
While technicals don't look especially positive, things haven't completely broken down yet either. Most sectors are simply at or near the bottom of multi-month sideways ranges.
Regards,
Ted
https://www.bespokepremium.com/interactive/posts/think-big-blog/sp-500-sector-technicals
