Below we have run the 30 largest country stock market ETFs through our custom trading range screen (available to Institutional clients). For each country ETF, the dot represents where it currently stands within its trading range, while the tail represents where it was trading one week ago. A red dot means the ETF has moved lower within its range over the past week, and every single one of the ETFs highlighted currently has a red dot.
Last week at this time, 28 of the 30 country ETFs listed were in overbought territory. After big declines over the last two days, just six of them remain overbought. But while global stock markets have moved lower, a large majority of them remain in uptrends and above their 50-day moving averages. Investors have been screaming for a pullback so that they can get back in. With their feet now to the fire, will they be able to hit the buy button?
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