Below we have run the 30 largest country stock market ETFs through our trading range screen. A description of how to read the charts is listed below the screen, but basically, the black vertical line is each ETF's 50-day moving average, and moves into the red or green zones are considered overbought or oversold.
The US has had a nice rally over the last week or so, but most other countries look even better. Of the 30 country ETFs listed, 18 are above their 50-days, while 7 are actually overbought. The S&P 500 tracking SPY, on the other hand, is just barely above oversold territory.