Entering Wednesday, EWG was down nearly 6% over just the past week. The $3.84 billion ETF holds 66 stocks, including a nearly 19% tilt to consumer discretionary names. Materials and financial services stocks combine for almost 35% of the fund’s weight.

On a chart of the S&P 500 and the EWG, Gordon points out that EWG is coming down to retest the $31 level for a third time,” reports CNBC. “According to Gordon, a third retesting of this level means EWG could likely break below $31.”

GRMY seeks to track the Nasdaq Germany Large Mid Cap Index, which is designed to track the performance of the German equity market.

For more information on European markets, visit our Europe category.

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