Below is a look at the 30 largest country ETFs traded on US exchanges. This acts as a good ETF cheat sheet if you’re looking to gain exposure to various parts of the world, and it also gives you a good idea of where global markets currently stand in relation to how they’ve been trading in recent months. You can read a full description of how to read the screen at the bottom of this post, but basically, the dot is where the ETF is currently trading, while the tail end is where it was one week ago. The black vertical “N” line represents each ETF’s 50-day moving average, and moves into the red or green zones are considered overbought or oversold.
As you can see, just 2 of the 30 country ETFs are above their 50-day moving averages at this point, so momentum is clearly to the downside. Fortunately for the U.S., SPY is one of the two, and it’s also one of the only ETFs that has moved higher within its range over the last week.
A large majority of the ETFs in our screen are currently in oversold territory, which means markets are oversold globally. Most aren’t at extreme levels, though, as the bulk of them are within the light green shading in our screen.
We have also included the YTD change for each country ETF in our screen. One thing to note at this point in the year is that their average YTD change currently stands at -7%– not very good!