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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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...If the dots don't connect, gather more dots until they do...




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Thursday, May 15, 2014

Weakness in European Financials ETF (EUFN)

Recent weakness in the European Financials ETF (EUFN) was punctuated by today's (Thursday's) gap down and close below the 50 day MA, as shown on the following 1-year Daily chart.

All 3 technical indicators have also dropped below their respective mid-point...signalling potential further weakness ahead. Major support sits around 23.50 to 24.50. Failure (drop and hold) below 23.50 could spark a major sell-off in European stocks...one to watch in the weeks ahead...particularly as the next ECB meeting approaches on June 5th.