The Global Stock Market (excluding US) is Overbought

The Global Stock Market's (excluding US) Monthly RSI is Entering Overbought Territory. While not as extreme as VT, I would be careful about going long here in developed markets or emerging markets. For a while longer, I expect it will outperform the US but I think it will for in upcoming months. The ECB is planning (that may change if stocks or especially bonds fall) cutting back on its quantitative easing as is China. This drop in stimulus and liquidity will likely cause a downturn in European and Chinese markets. EDZ (3x bear) and EDC (3x bull) are leveraged emerging markets etfs. DPK (3x bear) and DZK (3x bull) are leveraged developed markets etfs.