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Here are a few global ETFs with little room to drop in order to avoid daily chart technical breakdowns. That does not mean the end of the larger up trends, but could signal oncoming intermediate corrections if they do fall further and close the week that way (pre-market is red). The question would be, are they leading the fiscally drunk US market and its chronic tweeter in chief/stock pumper?
The Euro hedged European iShares, like the Euro STOXX 50 which it mimics, is in a bear flag. The biggest volume days have been red as this flag has ground upward. Not a short-term bullish look for Europe. What it does have going for it is that the SMAs 50 & 200 are both sloping upward. Even a hit of the 200 is within the context of the up trend.
In the noise of our daily lives, it’s sometimes easy to miss the nonsense. But look at this story from CNBC yesterday, keeping in mind this is considered the leading media program for traders around the world.
After the spike up at the start of the week I noted the clear break over the previous wedge resistance on SPX, and mentioned that the next decent candidate trendline was in the 2650 area. That was a slightly low estimate as that trendline was tested at the high yesterday at 2657.74, rather sooner than I was expected. At the first test SPX has rejected from it. SPX daily chart: