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The First Trust Dow Jones Internet ETF (FDN) has been consolidating just above its 20-day EMA for the past four sessions. A move above the four day high of $32.89 could provide a buy entry trigger for FDN. Yesterday, the iShares MSCI All Peru Capped Index ETF (EPU) formed a massive reversal candle, as it undercut 200-day MA, filled the gap formed on Tuesday, and recovered to close near session highs. Notice that EPU is also on the precipice of rallying above its long term downtrend line. A volume fueled move above yesterday’s high of $40.40 could present a long opportunity in this ETF. Ideally, we would like to see EPU consolidate for several days prior to an attempted move higher. We are closely monitoring EPU as a possible trend reversal candidate.

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