As shown in the first snapshot below, regional ETFs have moved sharply higher within their normal trading ranges. All but one (Europe hedged) are trading in overbought territory, with the large majority at extreme levels (>2 standard deviations above their 50-DMAs). Emerging markets ETFs like EEM, ILF, IEMG, and VWO are leading the way with YTD gains of 2%+ already.

The three China ETFs are up the most YTD with gains of 4%+, and Brazil (EWZ) is up 4% as well.Russia (RSX) — 2017's worst performing country ETF — is up 3.65% already in 2018. The only country that hasn't joined the party yet is Indonesia (EIDO), which is down 18 basis points on the year. Even with its small year-to-date decline, EIDO is still up over 1% over the last 5 trading days dating back to the end of December.