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The market pulled back a bit last week, falling 2.2% over the course of the week. Even with this decline, the S&P 500 remains overbought.
The S&P 500 is still 0.2% above the upper band of its TE. Most of the sectors have fallen back with in their trading ranges.
The energy, consumer discretionary and materials sectors are overbought. Energy is still within 2% of the most overbought level it has been in the past 12 months. The utility sector is 0.2% below its trading envelope, therefore is oversold.
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