Relative Strength Breakdowns in Developed Europe

Relative to the All Country World Index (ACWI), only four European countries’ constituents have managed to outperform– Belgium, Denmark, Ireland, and Switzerland (for now):

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Country indexes for Germany, Netherlands, and Sweden remain in trading ranges:

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In aggregate, stocks in Finland, France, Italy, and Spain have declined on a relative basis for years– but recently rallied to at least challenge resistance at the long-term downtrend line:

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Austrian, Norwegian, Portuguese, and UK constituents, also in multi-year relative strength downtrends, recently accelerated to the downside:

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