With a new trading week upon us, below is a look at where global equities stand using our trading range screen for the 30 largest country ETFs.  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 black vertical “N” line represents each ETF’s 50-day moving average, and moves into the red or green zone are considered overbought or oversold.

Over the last week, we’ve seen global equity markets mostly trend higher within their ranges, whether it’s moving from oversold to neutral territory or neutral to overbought.  Last week at this time, more than half of the countries in the screen were oversold, but just five are oversold as we begin the week.  2016’s best performing country — Brazil (EWZ) — is the most overbought name in the screen, while Switzerland (EWL) is the most oversold.  The US (SPY) has actually been one of the weaker areas of the world recently.

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