Further Downside Likely for Foreign ETFs

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One gauge of market sentiment that I look at from time to time is my chart grid of Foreign ETFs, showing the daily ATR on each ETF (the white histogram at the bottom of each ETF)…an extreme high ATR can often signal capitulation and a reversal of recent general trend.

From the chartgrid below, we’re not seeing that extreme, yet. In my opinion, we could very well see further downside on these ETFs, in general, for awhile longer.