Aside from some bullish individual earnings reports this week, the overall market has been weak. Tonight’s Bespoke Report newsletter is an important read given where the market stands. Has a new downtrend begun or will we bounce back like we always have recently? To receive the Bespoke Report in your inbox after the close today, sign up for a 5-day free trial to one of our three levels of service. You can read more about which service is right for you at this link.
Below is an updated look at our country trading range screen, looking at the 30 largest country ETFs traded on US exchanges. For each country ETF below, 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, and moves into the red or green zones are considered overbought or oversold.
As evidenced by the red dots, nearly all country equity indices moved lower within their ranges over the last week. Of the 30 ETFs shown, 18 are oversold and zero are overbought. Both India (PIN) and Vietnam (VNM) moved from overbought to neutral territory this week. Some of the most oversold countries right now are Brazil (EWZ), Canada (EWC), Colombia (GXG), Mexico (EWW), South Korea (EWY), Taiwan (EWT) and Thailand (THD).