According to Bespoke Investment Group, only one or two of the hundreds of key ETFs it tracks typically trade at more than 10 percent above their moving average. However because the entire market got overbought during the runaway rally from March lows, there were 12 as of early April. According to Bespoke, ETFs moved into extreme overbought territory across the board as markets traded up from their February lows. Strong March retail sales, increasing consumer confidence, a pickup in M&A, low interest rates, and higher earnings expectations all contributed to the recent move higher.