Below is a look at recent movements in global equity markets using our trading range screen of the 30 largest country ETFs.  For each ETF, 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 ETF’s 50-day moving average.  When the dot is to the right of the “N” line, the ETF is above its 50-DMA.  When the dot is to the left of the “N” line, the ETF is below its 50-DMA.  Moves into the red or green zones are considered overbought or oversold.

Last week at this time, 17 of 30 country ETFs were overbought, while none were oversold.  After five days of carnage — especially in Western Europe — not one country ETF remains overbought, and 14 of 30 are now oversold!  France (EWQ), Germany (EWG), Netherlands (EWN), Switzerland (EWL), and the UK (EWU) all went from overbought to extreme oversold territory in a week.

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