Many investors have been waiting for a pullback, and after declines from recent overbought levels, most country ETFs are now trading within their normal trading ranges. Over the past 5 days, all but Malaysia (EWM) and Spain (EWP) are lower, with Canada (EWC), China (FXI, PGJ and GXC) and India (INP) declining the most.

Brazil (EWZ), Malaysia (EWM), South Africa (EZA) and Spain (EWP) are the only country ETFs currently overbought, and Belgium (EWK), Japan (EWJ) and Mexico (EWW) are the only ones oversold.

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