OK, looking outside the United States, here’s what happening with some big funds. The EFA formed a fantastic top, tinted in pink below, and has been banging out an increasingly violent series of lower lows and lower highs ever since. The most recent surge is by far the strongest of this entire bear market.

Canada’s massive rally has pushed it to perfectly tag the horizontal line anchored to its island reversal pattern.

Japan, too, has had such a strong rally lately that it perfectly tagged its descending trendline which has been unviolated for this entire bear market.

The Eurozone’s rally also is the strongest we’ve seen at any time, and this is an instance in which it actually broke the series of “lower highs”.

Lastly, the IEFA is exceptionally similar to its brother the EFA, and its lower highs are still unbroken.

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