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The global markets have been diverging now for some time, but only recently has it become more pronounced. The iShares MSCI Germany ETF (EWG) peaked in October, then failed to make new highs in January and remains well below these highs as it has not rallied alongside the US market. EWG has key support at $19.20. Meanwhile, the iShares MSCI Canada ETF (EWC) is one of the strongest as it is approaching the January 2010 highs and is well above its rising 50- and 200-day MAs. If the current rally tops, ETFs like Germany should decline more sharply.
