Over at Bespoke Premium, we provide trend analysis of more than 200 key ETFs across asset classes on a daily basis. We took our list of key ETFs and found the ones that are currently trading the farthest below their 50-day moving averages.
As shown below, there are a number of ETFs that are now significantly oversold, and nearly all of them track foreign countries or regions. Thirty-five of the ETFs (non-leveraged) we track are more than 7% below their 50-day moving averages. Of these 35, 30 (highlighted in grey) track securities outside of the US. Spain (EWP) is the most oversold ETF at 17.68% below its 50-day. Italy (EWI) is close behind at -17.09%. The other ETFs trading more than 10% below their 50-days all track the Euro region.
During the 2008 collapse, the US took most of the blame for dropping portfolio values around the world. This time around, Europe is ground zero.
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