derzzycharts

If Country Indexes Had Personalities

Long
AMEX:EFNL   iShares Inc iShares MSCI Finland ETF
This is always a fun way to view the markets. Today we are going to look at a risk on barometer that may be unknown to most. When Finland is breaking out, we tend to take notice. This is a good indication that money is flowing to risk on assets. If country indexes had personalities, Finland would be on a motorcycle pole vaulting with a hockey stick! All jokes aside, let's hop into the chart.

We saw Finland basing for a couple months and now we have a breakout. We have to clear through some of the overhead supply first, but we are not far from all time highs. If we were to see all time highs in Finland, that would surely be bullish right? Here on the weekly chart, we have a bullish cross on the stochastic RSI and a bullish regime on the %SMA oscillator. Don’t fight an uptrend. As far as next major resistance levels, we have some Fibonacci levels that coincide with all time highs from the last two swing high/swing low market structures. This is the “super risk on” environment and would be a blue sky breakout in Finland. These are all signs of good macro market breadth . Rather than looking at the SPY’s all day as an analyst, remember that there are many things you can do to analyze the markets.

Happy Trading!

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