Below is an updated look at our country equity market trading range screen using US-exchange traded funds. For each ETF, the dot represents where it's currently trading, while the tail end represents where it was trading one week ago. The black vertical "N" line represents each country's 50-day moving average. A move into the red zone means the ETF is "overbought," or extended well above its 50-day. A move into the green zone means the ETF is "oversold," or depressed well below its 50-day. The calculations for overbought and oversold readings are highlighted at the bottom of the screen.
As you can see in the screen, the US (SPY) is currently the most extended above its 50-day of any country shown. Vietnam is the only other country that's even overbought. The majority of country ETFs shown have moved back below their 50-day moving averages over the last week, and nearly a third are now in oversold territory. Australia (EWA), Malaysia (EWM) and Singapore (EWS) have really taken it on the chin over the last week, moving down to extreme oversold territory. Other notable countries that are currently oversold include Japan (EWJ), South Africa (EZA) and the UK (EWU).
Will the US keep outperforming the rest of the world, or will it too move back down towards its 50-day or even below it?