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For some odd reason, many feel what takes place in China could be important to the overall global economic picture. China ETF (FXI) is now lower than it was over 12 months ago and is breaking key support line (3) in the chart above.
An FYI- Line (1) in the chart above is the 50% fib level of the 2007 high to the 2009 lows.
So goes “China” so goes the rest of the world? Stay tuned to see if this key support break ripples out any.
Now they’ve jacked up interest rates! Down goes the FXI!