Here are some global market ETFs vs. SPY. What’s most important on these charts is not really TA, but the trends as indicated by the 50 and 200 day moving averages.
China large caps have bounced again but the trend is down and today it’s taking a hit.
EM is much the same. It’s a ‘W’ bounce pattern, the US dollar is weak and yet this thing is in doubt.
But what is EM’s kid brother FM saying in its constructive look?
Russia is well past constructive, as it has turned the trends up.
India is on a relative buying opportunity. That doesn’t mean run out and buy it but it does mean that the ratio has pulled back to an area of relative support.
Europe has been grinding an intermediate uptrend but is still in a major downtrend.
Canada is neutral with a negative bias.
Bringing up the rear is Japan, under the pains of its recently very strong currency.
And there you have another episode of ‘vs. SPY’, this time featuring global markets vs. the Good Ship Lollypop.
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