European ETFs Become Momentum Names

The Russell 2000 and S&P 500 indices are testing uptrend channel resistance lines. On Wednesday, a hanging-man candle formed on the chart of the Russell, and the day before that, a doji star. These candles suggest topping action at important levels of resistance. The possibility of the broader market reverting has been the base-case scenario for the weakness in the momentum stocks, and it was the premise for my piece on Tesla Motors (TSLA) earlier this week.

The European iShares exchange-traded funds have the qualities of both broader U.S. indices, and their outperformance over the last four months compared with the S&P 500 qualifies them to be called momentum candidates....294 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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