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Some widely followed technical and sentiment indicators suggest that the stock market is oversold and due for a rally. Consider the following:(1) The S&P 500 was extremely overbought last year. Around mid-year 2021, more than 90% of the stocks in the index were trading above their 200-day moving averages (dma). There has been a significant reversal of fortune since then with only 11.3% of the S&P 500 stock prices above their 200-dmas on Friday.(2) The S&P 500 traded 10%-15% above its 200-dma most of last year. On Friday, it was 16.9% below its 200-dma.
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