Close But No Cigar

Close But No Cigar

WEDNESDAY, NOVEMBER 21, 2012 AT 05:06PM

The S&P 500 has pushed its way back above its 200-day moving average, but even after a 4-day winning streak, it couldn't quite get out of oversold territory (more than one standard deviation below its 50-day moving average).  Five sectors have managed to work off oversold levels this week, however -- Consumer Discretionary, Consumer Staples, Financials, Health Care and Materials.  While we've seen a nice bounce off the lows, all ten sectors remain below their 50-day moving averages (the black vertical line in the chart below).