Nearly All Global Markets Currently Oversold

The 2008 equity market selloff has now been bad pretty much across the board. Of the 22 countries that we track that have ETFs, Singapore is down the least on the year at -3.96%.

Below we highlight each of these 22 countries along with how oversold they are. An index is oversold when its price drops lower than the bottom of its trading range (one standard deviation below its 50-day moving average). Currently, Hong Kong's Hang Seng is 7.95% below the bottom of its trading range! India, Japan, Germany and Spain are all oversold by more than 7% as well. These are very extreme, severe oversold levels.

The US, the supposed root cause of all of this negativity, is currently oversold by 3.27%. For those interested, we also include ETFs that track the equity markets of these countries.