Global ETF Trading Range Screen

 |  Includes: EWA, EWD, EWG, EWI, EWN, EWQ, EWW, EWZ, EZA, VNM
by: Bespoke Investment Group

Below we have run the 30 largest country ETFs through our trading range screen, which measures where a stock or ETF is trading within its "normal" trading range. The black vertical line represents the 50-day moving average, while the red and green areas represent overbought and oversold territory. For a more detailed description of how to read the chart, please go to the bottom of this post.

Last week at this time (the tail end for each ETF), 16 of the 30 ETFs shown were in overbought territory. As of today (the dot for each ETF), only 7 of the 30 are overbought. One of these 7 overbought countries is the US, which is now the best performing G7 country in 2013 in dollar terms. The Netherlands (NYSEARCA:EWN) is the most overbought country shown, while France (NYSEARCA:EWQ) and Germany (NYSEARCA:EWG) are not far behind. Vietnam (NYSEARCA:VNM), Italy (NYSEARCA:EWI) and Sweden (NYSEARCA:EWD) are the three other countries that are overbought.

Last week, only 4 countries were in oversold territory, but that number has doubled to 8 this week. A few notable countries in oversold territory are Australia (NYSEARCA:EWA), Brazil (NYSEARCA:EWZ), Mexico (NYSEARCA:EWW) and South Africa (NYSEARCA:EZA). If you're looking to buy oversold countries, Mexico (EWW) is at least moving in the right direction again.

Click to enlarge