Below is a snapshot of our trading range screen for the 30 largest country ETFs traded on US exchanges.  For each ETF, the dot represents where it is currently trading within its range, while the tail end represents where it was trading one week ago.  A move into the red zone means the ETF is extended to the upside, while a move into the green zone means it’s oversold.

After a massive October surge, equity markets around the globe have entered a cool-off period.  A week ago the majority of global markets were overbought, but as shown below, just 3 of 30 country ETFs remain in overbought territory.  The bulk are now right in the middle of their trading ranges, with some breaking just below their 50-day moving averages (the black vertical “N” line) and some holding just above.  We’ll be watching closely in the coming days to see if this is just a pause and re-boot period or the start of a new downtrend.

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