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- Technical Market Commentary -

October 26, 2010 (FinancialWire) (By Frank Kollar) (Go to http://www.financialwire.net/?s=cmmtry for all recent commentaries.) — The iShares MSCI EAFE Index Fund (AMEX: EFA), which tracks a broad selection of  publicly traded securities in the European, Australasian and Far Eastern markets as measured by the MSCI EAFE Index (and excluding the U.S.), appears to be having difficulty at $58.00 per share.

$58.00 per share happens to be the prior April high reached just before the market declines began. After nine days of failing to surpass that level, it is becoming an increasingly important resistance level.

If EFA can make a decisive close above $58.00 per share, the ETF has the potential to quickly run to $61.28 per share. A close above $61.28 takes it all the way to $65.40.

Watch for a close above $58.00 per share for a bullish entry. Use a buy stop below $56.00 per share to protect against declines. A reversal from $58.00 per share could be a short trade setup.

The FirstAlert(tm) “Money Index” is an indicator of the depth of market direction or indirection. While not always including the same stocks, the combined NYSE, AMEX and NASDAQ 25 most actives and combined NYSE, AMEX and NASDAQ greatest percentage losers and greatest percentage winners (weighted against pure monetary loss/gain) indicate the direction in which the mass of money is flowing, as well as the general focus of the market. Go to http://www.financialwire.net/2010/10/26/prcnt-wnnr-rsrch-3/ for today’s NYSE-AMEX-NASDAQ summary.

The FirstAlert(tm) Morning Digest lists economics calendar events, earnings announcements, financial community conferences, company presentations and more. Go to http://www.financialwire.net/2010/10/26/fa-am-digest-18/ for today’s The FirstAlert(tm) Morning Digest summary.

(Go to http://www.financialwire.net/2010/05/01/about-kollar/ for more about Mr. Kollar, and go to http://www.financialwire.net/?s=kllrfby for more of Kollar’s commentaries.)

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Disclosure: Frank Kollar’s Fibtimer.com (http://www.fibtimer.com/) ETF Timing Strategy has a position in the iShares MSCI EAFE Index Fund.

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