Time to hop overseas and explore some non-U.S. markets by way of their ETFs. We start with one of the biggies, the EFA, which is all markets except North America. There is potential for more strength here (although I hope not) represented by that dashed line.
Canada, whose banks I am fond of being bearish, looks like it’s done with its rally.
The Eurozone, as with the EFA above, might have a little more potential upside (again, I’d prefer it didn’t) but has maintained its drumbeat of lower lows and lower highs for well over a year now.
The most encouraging item is IEFA, which has been pretty obedient with its Fibonacci retracement levels. Take note how we’ve tagged resistance. I raise a glass of beer to the prospect of its turning south immediately on Monday morning.
