Memorial Weekend ETFs: A Look At Overseas ETFs

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This is not a normal holiday weekend. Supposedly, when we return to the trading world on Tuesday, there will be some resolution (or more chaos) regarding the debt ceiling. In the meantime, I have gathered together different families of ETFs for review, and I have stated my remarks below each graph.

This ETF has been acting beautifully. It has been persistently repelled by the long-term trendline, in blue, and we broke below a multi-week trading range last week. It retraced back to its old range on Friday, and I am looking for this to resume its downward trajectory next week.

The emerging markets bond fund is still above that old support line, and breaking below it would greatly increase the chances of overall equity weakness.

This ETF is still forming a large right triangle pattern, and it has respected resistance in the form of the red trendline.

This one is in full break-down mode again, having slipped under crucial support last week.

The “face-off” of worldwide equities seems to have resolved in favor of the bears, in spite of all the mayhem you may have witnessed on Thursday and Friday. The reaction to the debt deal, once it finally arrives, will tell the tale. If we start selling off, it could gain real momentum.

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