The red shaded area in the chart below indicates overbought territory (more than one standard deviation above the 50-day moving average). Even after today's 1%+ decline, the S&P 500 and 8 of 10 sectors remain overbought. Only Materials and Technology (thank you, Apple) are in neutral territory, and both sectors are still above their 50-days (the black vertical line). If this market wants to go lower, it has a long way to fall before even sniffing oversold levels.
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