Ten days ago we published a post titled “World Overbought” that featured our country ETF trading range screen.  At the time, 25 of the 30 country ETFs we track in the screen were in “overbought” territory — extended well above their 50-day moving averages.  As shown below, that’s no longer the case, as just 3 of 30 countries remain overbought.  Over the last week, we’ve seen a pullback for equities pretty much across the world as global investors take a break following big gains in July and early August.  The large majority of countries remain above their 50-day moving averages, however, meaning they’re still trading above short-term uptrend support levels.

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