On April 6th, we highlighted that twelve of the 200 or so key ETFs we track were trading more than 10% above their 50-day moving averages, which is a large number relative to normal readings. At the moment, 50 of the key ETFs we track (roughly 25%) are more than 10% below their 50-days! If twelve is a lot on the overbought side, what is 50 on the oversold side? Spain (EWP) is the most oversold at -20.25% below its 50-day, followed by Austria (EWO), Oil & Gas stocks (OIH), Base Metals (DBB), and Italy (EWI).
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