The Canadian Technician

Another Continent Soars


While the US market has wandered sideways for a week, I still want to point out the positive price action in the rest of the world as different countries break out to new highs.

I mentioned the Amsterdam exchange ($AEX) had broken out in the last article. Germany ($DAX) is also busting through to new highs.

All the indicators are still pointing up. The PPO is at its highest level in three years. That suggests it is stretched, but it can stay up here for a while.

North of Germany, across the sea, is Sweden. The Swedish stock market is also breaking to new highs. I marked the blue line at resistance that was holding in late 2020. January came along and blew all the hesitation away. To see indexes surging higher shows the ability of the investor community to just keep looking for what is currently working.

I have shown countries in Europe, North America and South America breaking out to new highs. Each market is doing so in their own currency, not just in a USD-weighted ETF.

I find it very bullish when the world is making new highs together.

Good trading,
Greg Schnell, CMT, MFTA
Senior Technical Analyst,
Author, Stock Charts For Dummies

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Greg Schnell
About the author: , CMT, is a Senior Technical Analyst at specializing in intermarket and commodities analysis. He is also the co-author of Stock Charts For Dummies (Wiley, 2018). Based in Calgary, Greg is a board member of the Canadian Society of Technical Analysts (CSTA) and the chairman of the CSTA Calgary chapter. He is an active member of both the CMT Association and the International Federation of Technical Analysts (IFTA). Learn More
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