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Yesterday, on heavier trade, the iShares MSCI Japan Index ETF (EWJ) lost a major support level at $9.17. Prior to yesterday EWJ has held support at this level dating back to July 2009. Yesterday was a clear short entry trigger for EWJ. However, it is not advisable to “chase the trade”. Rather, we prefer to wait for a bounce if we were to enter EWJ on the short side. The Market Vectors Junior Gold Miners ETF (GDXJ) has come under pressure lately as it has posted consecutive distribution days. Further, GDXJ is now below both the 20-day and 50-day moving averages. However, GDXJ is stilling clinging to support of its uptrend line. A loss of support of the uptrend line could result in a shorting opportunity in this ETF. We are monitoring this setup carefully for a potential short entry.

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