Other than the dollar, pretty much all asset classes have been getting hit hard since mid-day yesterday. Ā And while it seems like it's bad here in the US, we're seeing pure carnage overseas.
Below is a look at our trading range screen for the 30 largest country ETFs. Ā As shown, 25 of the 30 ETFs are in oversold territory, and 19 of them are at extreme levels (more than 2 standard deviations below the 50-DMA). Ā All 30 are below their 50-days, and the US is actually the closest to its 50-day! Ā Earlier this year it was rare to see a stock market below overbought territory. Ā As you can see, "overbought" is a foreign word for global markets at the moment. Ā It's a total bloodbath out there right now. Ā Who's ready to start buying???
Copyright Ā© Bespoke Investment Group
