Below is an updated look at our country trading range screen, which gives viewers a quick look at where global equity markets are trading within their normal ranges.  The screen includes ETFs for 30 of the largest country equity markets.  The black vertical “N” line represents each ETF’s 50-day moving average, and moves into the red or green zones are considered overbought or oversold.

As you can see, the majority of country ETFs are trading in overbought territory, but most overbought countries are slightly lower today than they were a week ago at this time.  The big movers to the downside over the last week have been Brazil (EWZ) and India (INDA).  Last week at this time, Brazil was the most overbought country in the world, while now it’s the most oversold.  India was overbought as well last week at this time, but over the past five trading days it has actually moved below its 50-day moving average.

In terms of price performance, France (EWQ), Italy (EWI), South Africa (EZA), and Turkey (TUR) have done the best so far in Q2, while Brazil (EWZ), Australia (EWA), and Canada (EWC) have done the worst.

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