Foreign Markets Still Concerning | Stock Market Blog - Financial Blog - Investment Blog - Technical Analysis Blog

Foreign Markets Still Concerning

Below is an updated table, as of 2:15 p.m. EDT, of important support levels for the EAFE Index (EFA) we originally presented on May 21. The bears still have an edge given the red boxes below. A good step for risk assets would be to change those boxes back to green.

Both the equal-weighted S&P 500 ETF (RSP) and German stocks (EWG) look like they could fall another 2% to 3% relative to support levels on their weekly charts. As shown below, RSP is challenging important weekly levels currently (above point A). The MACD (point B) and rate-of-change (point C) have not improved enough to drive much bullish interest yet. RSP also sits just above its 50-week moving average (thin blue line).

This entry was posted on Thursday, May 24th, 2012 at 2:23 pm and is filed under Stocks - U.S.. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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