Below is an updated snapshot of our trading range screen run on the 30 largest country ETFs traded on US exchanges. A few weeks ago, pretty much all 30 ETFs were overbought and trending higher, but global equities have clearly taken a breather since then. For each ETF, the dot represents where it’s currently trading within its normal range, while the tail end represents where it was trading one week ago. The black vertical “N” line represents the ETF’s 50-day moving average, and moves into the red or green zone are considered overbought or oversold.
As shown, just five of the 30 ETFs on the list are in overbought territory, and the US SPY ETF is one of them. At the same time, seven ETFs are in oversold territory, including Australia (EWA), Germany (EWG) and South Korea (EWY).
The color of the dot shows the direction that the ETF has moved over the last week (red=lower, green=higher). As you can see, 28 of the 30 countries shown have moved lower within their ranges over the last week. This is a clear picture of the global pullback we’ve seen recently.
The average year-to-date change of the 30 country ETFs shown currently stands just above 4%. Russia (RSX) has the best YTD returns, while Colombia (GXG) and Turkey (TUR) are down the most.