Don't Ignore This Chart!

EuroTop 100 Hits New High, but Still Not Outperforming S&P 500

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The Eurotop 100 Index surged over 2% and hit a new high to affirm its current uptrend, which began with the breakout and golden cross in early December. The index established support around 2900 over the last two months and this is the first area to watch going forward. A break below this level would be negative and suggest that a correction is beginning. Even though the index is at a new high, it is still performing in-line with the S&P 500 over the past year. The indicator window shows the price relative falling into June 2016 and then flattening over the last ten months. The top European stocks are not outperforming the top US stocks until this ratio turns up. 

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--Arthur Hill CMT

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Arthur Hill
About the author: , 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. Learn More
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