The chart below provides a quick snapshot of where the S&P 500 and its ten sectors are currently trading relative to their normal trading ranges. The light green shading represents between one and two standard deviations below the 50-day moving average and is the first "oversold" level. The dark green shading represents between two and three standard deviations below the 50-day. Moves into the dark green shading are considered extremely oversold. The dot is where the sector is currently trading, while the end of the tail is where the sector was trading one week ago.

With this chart, you can easily tell where the sector is now and which direction it has been moving. After Thursday, the S&P 500, consumer staples, energy, financials, telecom, technology, and utilities are all in extreme oversold territory.

As shown below, the percentage of stocks in the S&P 500 above their 50-day moving averages is at its lowest level of the current bull market. This means there is no longer a support level for the indicator unless you go back to the March lows. During the bear market, this indicator got very close to zero percent, and you can't get any lower than that. On a longer-term basis, however, the current level is in extreme oversold territory. The Materials sector has just gotten crushed lately, and only 3% of stocks in the sector are above their 50-day moving averages. Technology is faring just a bit better at 8%.