Doin' Lines On Charts: "Nine Country ETFs That are Starting to Emerge"

From Martin Pring via ChartWatchers, September 10:

Chart 1 shows that the US stock market is in a long-term uptrend relative to the rest of the world. The upper window compares the S&P to the Vanguard All-World ex-US ETF and indicates a recent breakout from a consolidation reverse head-and-shoulders. The lower panel substitutes the S&P Equal Weight ETF; it, too, is in an uptrend against the rest of the world.

Chart 1

You may be asking the question, "If the US is the place to be, why look at anything else?" The answer lies in the fact that individual country ETFs, like sectors, are continually rotating in popularity amongst investors and traders. Since there are always new ones emerging or fading, the point of this article is to draw your attention to some interesting funds that may be about to emerge. In that respect, I am really referring to relative action, as the vast majority of country ETFs are already in established uptrends from an absolute price aspect. Consequently, we can refer to these ETFs as relative sleepers, which are positioned to potentially take over from the US leadership in the event that it should start to falter.

Israel

Israel is a great example of this positive absolute/weak-but-stabilizing RS combination, as the price has clearly managed to break above its 2014-2020 resistance trendline and 65-week EMA. Since the long-term KST, which you can read about here, is also positive, there is little doubt that this ETF is in a primary uptrend. The bottom two windows, like all the remaining charts, display the relative line to the iShares MSCI World Stock ETF (ACWI) together with its long-term KST for relative action. In Israel's case, the situation is mixed but promising. That's because the RS KST has just gone positive, but the relative line itself is just below its 2015-2021 down trendline and 65-week EMA.

Chart 2 

Europe
Europe has been a relative laggard for some time, although some areas, notably Scandinavia and the Netherlands, have outperformed the world over the last few years. The UK, Norway and Italy may be set to follow suit....

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