The S&P 500 remains comfortably within its long-term uptrend and above its 50-day moving average. The same can't be said for the Industrials sector, which has taken a big hit this week.
As shown below, just 39.1% of stocks in the Industrials sector are currently above their 50-day moving averages, and the sector has fallen into extreme oversold territory after trading above its 50-day just a week ago.
(Note that the Consumer Staples sector has been falling apart as well, but it's not as concerning since it's a defensive sector.)
Check out the difference in chart patterns between Industrials and Technology below. Tech remains in bull mode, while Industrials has really broken down this week.
Today's better-than-expected GDP report should help stabilize the Industrials sector. If it doesn't, what kind of warning sign is this sell-off sending investors?