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As the major US averages have moved above the January highs, much of the world is lagging, especially the euro zone countries, of which several have seen their 50-day moving averages drop back below their 200-day counterparts. Obviously, Spain has plenty of problems, and the ETF EWP has rallied from the support at $39, but just reached the 38% resistance level. The Italy ETF (EWI) has had a similar rally with strong resistance now in the $18.50-$19 area. A break for either below the February lows would be negative.
