Below is an updated look at our global stock market trading range screen using 30 of the largest country ETFs traded on US exchanges. For each country, the dot represents where it’s currently trading, while the tail end shows where it was trading one week ago. The black vertical “N” line represents each country’s 50-day moving average, and moves into the red or green zones are considered “overbought” or “oversold.”
While it seems like markets have been doing nothing but go up lately, there’s actually been quite a bit of movement in both directions recently. Of the 30 ETFs in our screen, 10 are currently overbought while 5 are oversold. Brazil (EWZ) and Spain (EWP) are examples of countries that have moved lower down into oversold territory over the last week.
Even still, the average country ETF in our screen is still up more than 20% on a year-to-date basis. Quarter-to-date, the average country ETF is up just over 1%. Brazil, Colombia, and Mexico have done the worst this quarter, while China, India, Japan, South Korea, and Vietnam have done the best.