The screen below allows us to display a large amount of price trend information in a relatively small space so that investors can easily analyze an entire portfolio or basket of stocks. Below we highlight the 30 most overbought ETFs out of all the securities we track in our daily ETF Trends report over at Bespoke Premium. The trading range tool for each ETF is essentially a compacted price chart. It shows where the ETF is currently trading relative to its historical range along with where it was trading one week ago. An in-depth description on how we calculate overbought and oversold levels is included at the bottom of the screen.
While India was one of the most oversold markets a few weeks ago, it is currently the most overbought! As shown below, the MSCI India ETN (INP) is at the top of the screen, meaning it's currently the farthest above the top of its trading range out of any ETF/ETN across all asset classes that we track. South Africa (EZA) isn't far behind in second place, followed by GUR, DBS, and SLV. Nearly all of the ETFs on the most overbought list are related to emerging markets or commodities.
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