Our Trend Analyzer is helpful for tracking directional trend shifts for equity markets around the world. Recently, global markets have been moving pretty much in unison with each other. Below is a snapshot of regional ETFs from our Trend Analyzer tool. As shown, a week ago nearly every one of them was oversold, but as of this morning, they have all moved slightly out of oversold territory and back into the neutral zone. Note that none are back above their 50-day moving averages at this point. Until that happens, bears have control.
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