Wagner Daily Lite – Peru ($EPU) Ready to Breakout?

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Stocks recovered from a morning gap down to close lower but well off session lows, on light trade. Small cap stocks suffered the most yesterday as the Russell 2000 and the S&P MidCap 400 shed 1.0% and 0.7% respectively. The Dow Jones Industrial average lost just over 0.5% while the S&P 500 closed down by 0.3%. Led by strong a strong recovery by AAPL and a strong performance by AMZN, the Nasdaq showed the most resiliency on the day as it finished lower by a scant 0.1%. Airlines, retailers and banks fared well on the day, while the coal, oil services and transportation sectors struggled.

Over the past three weeks the iShares MSCI All Peru Capped Index (EPU) has been consolidating in a tight range as it has set a sequence of higher lows. Yesterday, EPU formed a big reversal candle as it undercut the 20-day EMA but managed to recover and close in the upper 25% of its intraday range. A volume fueled move above the two day high of $44.88 could provide a buying opportunity in EPU. We are placing EPU on the watchlist. Trade details are provided for our subscribers in the watchlist section of the newsletter.


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