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Below is an updated snapshot of our trading range screen for the 30 largest country ETFs. A detailed description of how to read the screen is provided at the bottom of this post, but basically, the dot is where the ETF is currently trading while the tail is where it was 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.

After a day like yesterday where global markets sold off sharply across the board, it's not surprising that there are no longer any overbought countries out there. As shown below, 7 of the 30 countries were still overbought last week at this time, but they have all moved to neutral or oversold levels at this point. Twelve countries are now oversold, with India, Indonesia, Malaysia, the Phillipines, Thailand, Turkey and Vietnam at extreme levels.

While the US (NYSEARCA:SPY) has moved below its 50-day, it is noteworthy that the big European countries like France, Germany, Italy and the UK are still above their 50-days. We'll probably see these countries test their 50-days by tomorrow morning, and we'll know by the open of trading here in the US whether they held or not.

(click to enlarge)

Source: Global Markets Moving Down Quickly