From our daily ETF Trends report, below we highlight the 30 most overbought ETFs of the 200 or so key ones that we track. An ETF is overbought once it gets more than one standard deviation above its 50-day moving average. Many of the ETFs below are more than two standard deviations above their 50-days. One week ago, all of the ETFs shown were overbought as well.
Of the 30 most overbought ETFs, only one is related to US equities -- RTH (retail sector). The rest either represent foreign stock markets, commodities, or currencies. As shown, the India ETN (NYSEARCA:INP) is the most overbought, followed by two silver ETFs (DBS, SLV), Brazil (NYSEARCA:EWZ), and Hong Kong (NYSEARCA:EWH). While US equities have moved up nicely over the past month, plenty of other areas of the global market have done better. (Click to enlarge)