Below is a list of the key ETFs (from our daily ETF Trends report) that are currently trading the farthest above their 50-day moving averages. As shown, silver is the asset class that is currently the most overbought. Both SLV and DBS are nearly 10% above their 50-day moving averages.
And don't look now, but Spain (NYSEARCA:EWP) and Italy (NYSEARCA:EWI) are the 3rd and 5th farthest above their 50-days of the ETFs that we track. The Homebuilder+ ETF (NYSEARCA:XHB) ranks 4th at 8.19%.
In general, it's Europe and commodity ETFs that are currently the most overbought, which is the complete opposite of what we saw a couple months ago.