Without a doubt, anything commodity-related is getting hammered today. More so if it is tied to oil and grains, like Brazil, which has just discovered a huge oil deposit and is a major grain exporter. Let's notice that today's weakness in the iShares Brazil ETF (EWZ) has violated key intermediate-term support at 83.00-82.00, which represent both the August 07-July 08 trendline and the sharply rising 200-day moving average. Indeed, serious technical damage has been sustained by the EWZ, which projects next into the 75.40/00 target zone.



Mike Paulenoff is a 26-year veteran of the financial markets and author of MPTrader.com, a real-time diary of his technical chart analysis and trading alerts on all major markets. For more of Mike Paulenoff, sign up for a free 15-Day trial to his MPTrader Diary by clicking here.