Below is an updated look at our trading range screen of the 30 largest country equity market ETFs trading on U.S. exchanges. For each ETF, the dot represents where it’s currently trading, while the tail end represents where it was trading one week ago. The black vertical “N” line represents each ETF’s 50-day moving average, and moves into the green or red zones are considered oversold or overbought.
While nearly all global markets are still in oversold territory, they have become less oversold over the last week and appear to be in an upswing higher. Where this short-term bounce ends is very difficult to tell, but you can use 50-day moving averages as a logical resistance point.