Below is an updated look at our country trading range screen using key ETFs traded on US 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 red or green zones are considered overbought or oversold.
Last week at this time, most ETFs were in neutral territory, but there were more oversold areas than overbought. As of the close today, not one country ETF is oversold, while nine of thirty are overbought. The US (SPY) is one of the few countries still trading below its 50-day moving average.
India (PIN), Indonesia (IDX), Russia (RSX), Brazil (EWZ), and Australia (EWA) are a few areas of the world that have seen big upside momentum over the last week. India is the most overbought country in the screen, while Indonesia, Russia and Brazil aren’t far behind.
The average country in the screen is now up 10% year-to-date, and 22 of 30 are in the black for the year versus 8 that are in the red. Italy (EWI) remains the biggest loser with a drop of 20.52% YTD, while Brazil (EWZ) is by far the biggest winner with a gain of 67.75%.