In yesterday's Chart of the Day, we highlighted how the S&P 500 moved back above both its 50- and 200-DMAs in the same session. We also highlighted how even though the US based index saw strong performance, that was at the low end of returns relative to two dozen international markets. In the table below, we show the performance of 25 global stock market ETFs yesterday versus their performance from the start of the Iran War through Tuesday's close.
As shown, there was only one country, Norway (ENOR), that traded lower yesterday, as it fell nearly 2%. However, ENOR entered yesterday at 52-week highs with a high single digit percentage gain over the prior month and change. That compares to sizable losses for nearly every other country.
As for the rest of the pack, most regions saw gains yesterday in the range of 3% to 6%. South Korean equities (EWY) were the top performer, rallying double-digits on the day.
As may be evident in the table above, the big move yesterday resulted in many of these 25 stock markets moving back above their 50-DMAs. In fact, over three-quarters of these ETFs closed above their 50-DMAs yesterday compared to a low of only 4% (or a single ETF: ENOR) in the final days of March. That is the highest share of those 25 country ETFs trading above their 50-DMAs since the first trading day of March. Not only are these country ETFs above their 50-DMAs, but but nine of them are now overbought too with a handful of others, such as Italy (EWI), teetering on joining them in overbought territory.
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