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Just a little big picture perspective for you here. This is the latest view of some of the biggest global asset classes and how oversold or overbought they are. I used the percentage deviation from the 200-day moving average as a simple point of reference.

The notable standouts are natural gas vs. brent crude, and the stunning performance of the Nikkei Index vs. all other equity markets. If you thought the S&P seemed overbought...

As we all know by now, the commodity complex has been slammed in recent days and precious metals have taken the worst beating. Silver is down an incredible -24% from its 200-day moving average, while gold is off -17%. The beating in Brent crude has been nearly as bad at -12%.

(click to enlarge)

Source: Most Overbought And Oversold Assets