Below is a look at the 30 largest country ETFs run through Bespoke’s trading range screen. As shown, all but 5 are back to oversold and trending lower.
The average YTD performance of these ETFs is now -14%, so 2015 is turning out to be a very rough year for global equities. The average ETF is also 8% below its 50-day moving average, so things have really gotten beaten down over the last month or so.
Below is the same screen run for the 30 Dow Jones Industrial Average members. Things aren’t quite as bad, but they’re certainly not good. 14 of 30 Dow stocks are oversold and just 2 are above their 50-day moving averages.
Caterpillar (CAT) lowered guidance this morning, which hit the Dow hard, costing the index 30 of its 78-point decline. After the bell, though, Nike (NKE) brought the Dow some good news by trading up 7% on earnings. As a price-weighted index, Nike’s $9 move higher will help the index tomorrow if the gains hold.