Market breadth has contracted in recent weeks, with the percentage of S&P 500 stocks trading above their 50-day moving average falling to levels not seen since the first quarter, signaling an oversold condition. Interest rate-sensitive sectors, particularly utilities, have been significantly impacted by rising Treasury yields. A short-term relief rally is expected over the coming weeks for these deeply oversold sectors. American Electric Power is trading near support at $117, while Atmos Energy is near a Fibonacci retracement level at $157, both offering over 6% upside to their 50-day moving averages.
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