Below is a look at where the 30 largest country ETFs traded on US exchanges are trading within their normal ranges.  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.  Moves into the red or green zones are considered overbought or oversold.

After a period where a large majority of country indices around the world were overbought, we’ve seen a pullback over the last week.  This is evidenced by the downside momentum shown in our trading range screen below.  Just a few of the country ETFs shown have moved higher within their ranges over the last week, while the bulk have moved lower.  Germany (EWG), India (PIN), Taiwan (EWT) and the US (SPY) have seen the sharpest moves lower.  All four countries were overbought last week at this time, but they’re now below their 50-day moving averages.

You can track these country ETFs daily in our ETF Trends report that’s available to Premium and Institutional subscribers.  If you’ve been meaning to subscribe to our paid content but have yet do so, you’ll want to make sure to do it before May 4th.  Until then, you can lock in grandfathered pricing on your subscription!  Learn more by clicking here or on the green button at the bottom of this post.

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