To start 2014, some of last year’s top-performing developed markets are stumbling. Perhaps it is telling that the Global X FTSE Portugal 20 ETF (NYSEArca: PGAL) is the best developed markets ETF and the iShares MSCI Italy Capped ETF (NYSEArca: EWI) is the leader among those funds tracking G7 nations.

There are other noteworthy developed market ETF opportunities, including with the two Israel ETFs, the iShares MSCI Israel Capped ETF (NYSEArca: EIS) and the Market Vectors Israel ETF (NYSEArca: ISRA). [A Slow Start to 2014 for Some Old DM Gems]

EIS “broke out from a tight, five-week base above a rising 50-day moving average,” said Deron Wagner of Morpheus Trading Group. “We are looking for a three to five bar pullback as the entry. The target is around the $54 – $55 area, where there is resistance on a weekly chart.”

EIS, the older of the two Israel ETFs, closed around $49.50 Thursday and is just 0.7% below its 52-week high. The fund has not traded above $50 since mid-2011 and has not closed above $55 since early 2011. EIS is up 4.6% over the past month, but that lags the 5.9% gained by ISRA over the same time.

ISRA recently cleared resistance at $30 and, in another bullish sign, its 20-, 50- and 200-day moving averages are all rising. The newer of the two Israel ETFs closed just below $31 Thursday and enters Friday’s session 11.6% above its 200-day line.