Below is an updated look at our country trading range screen using the 30 largest country stock market ETFs traded on US exchanges. For each ETF, the dot represents where it’s currently trading within its range, while the tail end represents where it was trading one week ago. The green and red shaded areas represent oversold and overbought territory.
As you can see, most country ETFs are now trading back into overbought territory after a week of solid gains. The US (SPY) is one of the few countries that hasn’t moved up within its range over the last week (or much at all in the last few weeks). European markets have really made a nice move higher, and most are now in positive territory for the year. Plenty of countries are now up 20%+ year-to-date as well. As 2016 enters its final stretch, global equities appear to finally be hitting their stride. Let’s see if they’ll end the year on a high note or fade at the finish line.