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What The International ETFs Have To Say About Our Market

|Includes: EEM, EFA, ILF, ProShares Ultra Basic Materials ETF (UYM)
While our markets hit new rally highs the bulk of the international ETFs are not following through.  That MAY be telling us something.

EEM is first which is the opposite of the EUM. It's interesting how the EUM broke into new lows while the EEM did not break into new highs.

Short term all three of the above (EEM, EFA, ILF) are pulling back off highs within the channel. These issues either make another move higher or finally break to the downside.

With "End Of Quarter" near don't be surprised to see a retest of recent highs which would then get us real interested on the short side as a retest would complete a double top pattern. Then we look for a downside break as that is what we need to see to get us interested in the short side.

Either way there are short sells coming in these three names soon.

You can also see the makings a large AB potential C brewing too.

On top of that you've got the Elliot Wave A-wave down being a First Thrust Down with the B-wave up being a snapback rally and a break to the downside being the potential start of the Bombs Away.

Basically these three charts have all the change in trend patterns from up to down showing.

How about this ETF? See anything brewing?

It's a double top which is your early warning sign that a change in trend is near.  A break of the pink line to the downside triggers a short-sell trade.

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Disclosure: No positions