Below is an updated look at our global market snapshot, which highlights the one-year trading range charts for the major indices of the twenty largest countries by market cap around the world (ex-US). In each chart, the light blue shading represents the index's "normal" trading range, which is between one standard deviation above and below the 50-day moving average. The red zone represents between one and two standard deviations above the 50-day moving average, while the green zone represents between one and two standard deviations below the 50-day. Moves into or above the red zone are considered overbought, while moves into or below the green zone are considered oversold.
While the market here in the US has bounced nicely over the last two weeks, the S&P 500 remains below its 50-day moving average. Most countries shown below are trading above their 50-days, and quite a few are even overbought. The overbought countries include Australia, Hong Kong, France, Germany, India, Japan, Mexico, South Africa, Sweden and Switzerland. And while not overbought, Taiwan, the UK, Singapore and Spain are at the top of their trading ranges.
There are a few countries that aren't doing so well, however. These include Malaysia, Russia and China. China looks the worst by far.