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Below is a look at our trading range screen for the 30 largest country stock market ETFs traded on US exchanges.  While nearly all countries remain above their 50-day moving averages, we’ve seen a steady drift lower in most parts of the world over the last week.  Even the US (SPY) has ticked lower, but it’s still the most overbought country in the world right now — trading at 2 standard deviations above its 50-DMA.

The country that stands out the most on the screen is Russia (RSX).  While Russia is still the best performing country since the election last November, it’s now just barely ahead of the US and Sweden.  Over the last week, RSX has moved from trading just above its 50-day to trading well into extreme oversold territory.

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Below is a six-month chart of RSX.  After gapping up to new highs a few weeks ago, we’ve seen a steady trend lower that has culminated with a big break below support today.

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