Are European banks in trouble? If so, could weakness in the European financial sector continue to spill over into stock markets around the world?
Broken Support
European Financial ETF MSCI Europe Financials Sector (NASDAQ:EUFN) has formed a bearish rising wedge over the past few months and a few days ago broke below support in the chart above.
Could this put downward pressure on risk assets and push up metals? Yesterday I said that This Could Put A Smile On Gold Bugs' Faces.
So far today, this spread is skyrocketing!