EMU and Brazil Still Lagging
03/16/2010 9:35 am EST
Though the US stock market continues to look positive with the A/D line confirming the price action, many of the other key markets are still lagging. The EMU countries, as represented by EZU, have just retraced 50% of the decline from the January highs with strong resistance at 36.80-37.80. The 50- and 200-period MAs could turn negative if the decline resumes. Brazil ETF EWZ does look better, but is still below its January highs and is now testing its downtrend. This week’s close could be important.