Country ETFs that are traded on US exchanges are beginning the week mostly in overbought territory, with a few that are well extended into extreme territory.  Of the 30 country ETFs in our trading range screen below, 20 are overbought while 10 are neutral and none are oversold.  Germany (EWG) and Malaysia (EWM) are the most overbought countries — both are roughly 3 standard deviations above their 50-day moving averages.  Only 3 countries are below their 50-day moving averages — Mexico (EWW), South Korea (EWY), and Spain (EWP).  Also note that the US (SPY) is one of the ten country ETFs in neutral territory.

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