Related: How the Chaikin Power Gauge Can Help Enhance an ETF Portfolio

The $71.39 billion EFA holds over 900 stocks with over 40% of its combined weight allocated to Japan and the U.K. Those and other ex-US developed markets are attractively valued relative to the U.S. as highlighted by EFA’s price-to-earnings ratio of just over 14, implying a significant discount to the S&P 500. Still, the fund has technical issues to correct.

“It’s not unusual for EFA to struggle at this time of year, according to Schaeffer’s Quantitative Analyst Chris Prybal — who notes that, since inception, EFA has delivered its worst average monthly return of the year in June, when the fund tends to drop 1.9%. So, with July now upon us (and bringing with it an average historical return of +1.0% for EFA), is it safe to assume that the worst of the sell-off is over?,” adds Schaeffer’s.

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