Below is a look at our trading range screen for 30 of the largest country ETFs around the world. (A description of how to read the chart can be found at the bottom of this article.)
As you can see, the U.S. (SPY) is one of just three country ETFs trading below their 50-day moving averages. The large majority of international markets remain in overbought territory, and many are at or close to 52-week highs. This is yet another example of how the fiscal cliff is causing underperformance in the U.S., while the rest of the world's stock markets are in rally mode.