Global Support Levels to Watch

06/08/2010 10:27 am EST

Focus: ETFS

Thomas Aspray

, Professional Trader & Analyst

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Monday's action in the US market was quite negative, suggesting further selling is likely this week. The key 38.2% support for the S&P is at 1010, while the broad EAFE Index (EFA) looks ready to test the 50% support at $45. There is additional chart support in the $43-$44 area. The MSCI Emerging Markets index (EEM) has 38.2% support just below $35 with the 50% support at $32. Both markets are oversold but show no signs yet of a bottom.

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