Global Index Divergence

Click on Image to Enlarge

The following chart displays Index Funds for the following countries & sectors:
----------------
1) Switzerland
2)Spain
3)France
4)Chile
5)Germany
6)Hongkong
7) Italy
8) Singapore
9) Russell 2000 (Small Cap U.S. stocks)
10)Malaysia
11)Australia
12)South Africa
13)Sweden
14)Nasdaq 100
15)Dow Jones Industrial Average
16) S&P 500
-------------------
Of these funds, only Malaysia, QQQQ, and the Russel 2000 made new 52 week highs. At the time of writing this, I think the S&P 500 made a new high also. The new highs made by U.S. Technology and Small Caps are not confirmed by the rest of global markets. The current situation can be classified as a bearish global divergence. Not surprisingly, the widespread global weakness is confirmed by a strengthening U.S. Dollar. To view a previous post with reference to intermarket analysis go to http://1618analytics.blogspot.com/2010/03/bearish-negative-divergences.html