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Chris comments: Of these four major indexes, the Dow Jones World Index is the first to crack resistance. The S&P 500 index is the weakest.
Even though the 500 index had a good week, up over 2%, the relative strength winners remain abroad. Check out these leading ETF's: Sweden (EWD) up 5.77%, Netherlands (EWN) up 5.39%, France (EWQ) up 5.13%, India (IND) up 5.05%, Austria (EWO) up 4.89%.
The Dollar chart (see Joe Friday this past week) is playing a key role in the global equity strength. The international outperformance suggests that we watch the Dollar chart action and be willing to have exposure on a global basis. (See the Chile Is Hot from last month). The outperformance relative to the 500 index continues.
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