German Proxy:
Germany has always been thought of as the powerhouse of Europe, at least continental Europe. Others may believe Great Britain should be the focus. But we are here to analyze the stocks from these regions and below is the chart of the largest holding in the EWG. SAP obviously is a tech play so it will feel the pressure just emanating from that space as we know the vast majority of the performance of a stock, up or down, comes from its sector. The MONTHLY chart of the EWG has not recorded consecutive positive CLOSES since April-May of 2021 and it could be coming into possible CLOSING support near 19 as it was support in early 2013, February 2016, and March-April 2020 (both months were below 19 intra month but CLOSED above). The largest holding in the fund in SAP at 9% (interesting it’s the only tech company in the top 10) has recently broken below a bearish descending triangle. Consider this name guilty until proven innocent.