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Below is a look at our Dow 30 trading range screen. For reach stock, the dot represents where it’s currently trading within its range, while the tail end represents where it was trading one week ago. The black vertical “N” line represents each stock’s 50-day moving average.
Currently there are 22 Dow stocks above their 50-DMAs and just 8 below. General Electric (GE) is now the most oversold stock in the Dow after a big move lower within its range since its earnings report last Friday. Johnson & Johnson (JNJ), Pfizer (PFE), Wal-Mart (WMT), and Exxon Mobil (XOM) are also oversold.
On the flip side, IBM and Procter & Gamble (PG) are the most overbought stocks in the Dow, with both trading nearly two standard deviations above their 50-DMAs. IBM is currently the second best performing Dow stock of 2017 with a gain of 5.34%. Only Visa (V) has gotten off to a better start with a YTD gain of 5.68%.
Our second trading range update looks at the 30 largest country ETFs traded on US exchanges. This gives you a good snapshot of how global equity markets currently look.
We’d say they look pretty darn good considering that all 30 are now above their 50-day moving averages. Even Mexico (EWW) is trending higher in the near term.