According to CNBC, Fairlead Strategies said the percentage of S&P 500 stocks above their 50-day moving averages has fallen to levels not seen since the first quarter, leaving breadth oversold and setting up a possible short-term recovery that could benefit interest-rate-sensitive sectors such as utilities. The firm said utility stocks show widespread signs of short-term downside exhaustion, with the sector deeply oversold and likely to see a relief rally over the coming weeks. It also said the ratio of the PHLX Utility Sector to the S&P 500 is at the bottom of its Bollinger Band, where it expects a period of relative stabilization. Fairlead cited American Electric Power as oversold near support, with weekly cloud-model support near $117, and said Atmos Energy is testing Fibonacci retracement support near $157. It said both stocks have more than 6% upside to their 50-day moving averages.