Below is a one-year trading range chart for the S&P 500. The light blue shading represents between one standard deviation above and below the index’s 50-day moving average. As shown, after touching up against “overbought” territory a couple of weeks ago, the index is currently sitting right near “oversold” levels after today’s declines. While you may be feeling the pain after the action this week, though, things are definitely not nearly as bad yet as they were back in August and September.
Below is our trading range screen for the 30 largest country ETFs traded on U.S. exchanges. Remarkably, the U.S. (SPY) is the only country that’s currently not trading in oversold territory (it’s just barely neutral as shown in the chart above). Country ETFs for China (FXI), Mexico (EWW), South Africa (EZA), Sweden (EWD), Thailand (THD) and the UK (EWU) are the most extended to the downside right now — all trading at 3 standard deviations or more below their 50-day moving averages.