Wednesday’s ETF Chart To Watch: FEZ Flirting With Major Resistance Ahead Of Eurozone GDP

Major U.S. benchmarks settled into shallow green territory as Tuesday’s closing bell rang. Bullish pressures surprisingly prevailed despite mixed economic data releases on the day; small business confidence ticked higher in August while July’s retail sales expanded by 0.2%, falling short of the projected 0.3% as well as last month’s figure of 0.6% [see also Complete Visual History Of GLD]. Our chart to watch for the day is the SPDR Euro STOXX 50 ETF which will look to summit a major resistance level after investors digest the latest eurozone GDP report just hours before Wall Street’s opening bell. Analysts are expecting for the currency bloc to post an economic contraction of 0.8%, which would be an improvement from the previous quarter’s GDP figure, which contracted by 1.1%. Chart Analysis Consider FEZ’s one-year daily performance chart below. This ETF has been oscillating around its 50-day simple moving average (blue line) thus far on [...] Click here to read the original article on ETFdb.com. Related Posts: ETF Insider: Market Radar Week of June 29th 5 ETF Strategies To Reign In Risk 5 Worst ETF Strategies Of The Last 5 Years Europe ETFs: The Good, The Bad, The Ugly UBS Launches Risk On / Risk Off ETNs