From our daily ETF Trends report which analyzes more than 200 ETFs across all asset classes, below are the ones that are currently trading the farthest above their 50-day moving averages. As shown, the Internet ETF (HHH) is currently the most overbought at 9.19% above its 50-day. Believe it or not, Italy (EWI) ranks second overall at 8.44%. Two more tech ETFs (SMH and SWH) rank third and fourth, and then Spain (EWP) ranks fifth at 5.88%. A couple weeks ago, Spain and Italy and all European ETFs were at the top of the oversold list, but they have reversed to the upside rather quickly. The majority of ETFs in our database are now above their 50-days instead of below them, which is a positive sign for the overall market. (Click chart to enlarge.)
