201105.21 1 0 Weekly Chart Review by Joseph Y. Calhoun in Markets Tags: bwx foreign bond etf, crude oil technical analysis, ech chile etf, eem emerging market etf, euro technical analysis, ewj japanese stocks, ezu euro stock etf, fxm mexican peso etf, gsg commodity etf, iat regional bank etf, iau gold etf technical analysis, iyr reit etf, spx technical analysis, us dollar index technical analysis The Euro bounce failed at the 50 day MA. Expect a test of the 200 day MA. The Mexican Peso held at the 50 day MA. Uptrend still intact. GSG is trying to bounce but it depends on the US dollar. If it gets back near the 50 day MA, I'd be a seller. The gold ETF bounced right on cue. This is still a bull market until proven otherwise. REITs are still in an uptrend but it is looking tired. With yields having fallen so far ,there is little fundamental support. Crude could bounce higher from here but a lot of technical damage has been done. I think the top might be in. The Dollar index found support at the 50 day. If it holds next week that is a pretty bullish signal and a likely change in trend. First target would be the 200 day MA around 78. The foreign bond ETF is on the verge of breaking the uptrend. Chile is holding up better than the rest of Latin America but falling copper prices are a warning. Emerging market investors have now gone almost 7 months with no gains. How much longer will investors hang around? Euro shares closed below the 50 day MA and I expect more downside. The debt situation is about to hit critical mass. Japan is resuming its downtrend after the post earthquake bounce. A better buying opportunity may emerge near the lows. The S&P closed on a weak note and I expect further correction. First target is the mid-March low. Longer term target is the 1220 level that corresponds to the Fibonacci retracement. Whether we go that low depends on a lot of factors but sentiment will play a big role. Regional bank shares failed right at the downtrend line. Financials in general are just ugly.