Emerging Markets Break First Support

01/22/2010 9:21 am EST

Focus: ETFS

Thomas Aspray

, Professional Trader & Analyst

Click to Enlarge

Thursday was a rough day for most of the world markets, and we saw the Chinese (FXI) and Brazilian (EWZ) ETFs hit with heavy selling. Short-term momentum is negative for both, so further selling is likely. FXI has dropped below the December lows at $41, closing below its 200-day MA. Next good chart and retracement support is at $37.50. EWZ also violated support at $71. There is next support in the $65-$67 area, but a test of the 200-day MA and the 38.2% support in the $67.50 area looks possible.

  By clicking submit, you agree to our privacy policy & terms of service.

Related Articles on ETFS

Keyword Image
ETFs & the COT
03/19/2019 9:19 am EST

The moves forecasted by the COT signals make them very adaptable to commodity based ETFs, writes And...