India continues to storm higher in our rankings.
International Equity Rundown Video (3:33)
The past week was positive for many areas across the international equity landscape, but not all countries saw improvement. The iShares MSCI EAFE ETF EFA was up 2.18%, while the iShares MSCI Emerging Markets ETF EEM was only up 0.09%. Most broad China funds posted losses, hampering the improvement of the broader emerging markets space. India continues to separate itself from other international equity regions as one of the top performing equity markets this year. This can be seen on the Asset Class Group Scores (ACGS) page, as India sits in the first ranked position out of all 134 investible asset classifications with an average score of 5.26. It is the only non-US group with a score north of 4.00, far outpacing the rest of the field.
Looking deeper at the score strength shows some surprising names at the top, including the iShares MSCI India Small Cap ETF SMIN, which has a near-perfect 5.90 score posting. This is currently the top scoring India fund, which makes sense given the fund’s 20% year-to-date return (through 8/27). SMIN has rattled off four consecutive buy signals since May of last year and is currently positioned at a double top formation at $84. A further push higher to $85 would notch another buy signal and a new all-time high for the fund. Even with the rapid improvement of SMIN, the fund still sits in an actionable trading range with a weekly overbought/oversold reading at just 43% at the time of this writing Wednesday. Those looking to add exposure toward India may consider more focused exposure in this small-cap representative. Initial support can be seen at $79, with further support seen at $72.
