As US markets have traded sideways over the last few weeks, stocks around the world have done much better. Below is our trading range screen run on 30 of the largest country ETFs trading on US exchanges. A detailed description of how to read the screen is provided at the bottom of the post, but basically, the dot is where the ETF is currently trading, while the tail is where the ETF was trading one week ago. The black vertical "N" line represents each ETF's 50-day moving average, and moves into the red or green zones are considered overbought or oversold.
As shown, the US is one of the few ETFs that is down over the last week, and it has just moved out of overbought territory and back to neutral levels. At the same time, countries like China (FXI), Hong Kong (EWH), Italy (EWI), Sweden (EWD) and the UK (EWU) have moved from neutral levels to overbought territory over the last week. The US (SPY) ETF remains the best performer of the group in terms of year-to-date performance, but the tortoise might be starting to catch up to the hare.