Investors should also be leery of EPOL’s ratio to the S&P 500, which could be foreshadowing weakness ahead for the Poland ETF.

“This ratio put in a failed breakdown in late January and subsequently outperformed the S&P 500 during the rally that global equity markets experienced off the January lows. Despite its aggressive move higher, momentum failed to make new highs as price did, keeping its bearish range intact. Additionally, the 200 day moving average is still downward sloping, suggesting the long-term trend in this ratio remains lower,” according to See It Market.

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