The European Top 100 Index ($EUR) broke below the lower trend line of a five month channel with a sharp decline this month. In addition, notice that the index broke below the mid November low and these breaks are holding. European stocks are also showing relative weakness as the price relative ($EUR:$SPX ratio) moves to new lows for the year.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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