Below we have run the 30 largest country ETFs through our trading range screen. For each ETF, the dot represents where it’s currently trading, while the tail end represents where it was trading one week ago. The black vertical “N” line represents each ETF’s 50-day moving average, and the red and green zones are considered overbought and oversold areas.
As shown, equity markets have cooled off globally, with the majority of countries moving lower within their trading ranges over the last week. Notably, the US has been one of the weakest countries recently as it tries to hold just above its 50-day moving average. Only a few countries have gained within their ranges over the last week — Colombia (GXG), Italy (EWI), South Africa (EZA), Spain (EWP), and Turkey (TUR).
We haven’t seen any full-scale breakdowns on a regional basis yet, but it’s worth keeping an eye on things in the near term because we’re starting to see some uptrend channels tested.