As we pointed out in previous blogs, the stock market became overbought in recent weeks and was ripe for a pull back. Equities did sell off today due to worries about the impact of the Cyprus Deposit Tax on other Eurozone countries. The selling was broad based with 88% of Fidelity’s Select sector funds closing lower. The Fidelity Spartan 500 Index Fund (FUSEX, last change: -0.54%) was also down slightly, but the chart pattern continues to look bullish.
The rotation in international markets continues. Today the Fidelity China Region Fund (FHKCX, last change: -2.18%) was the weakest performer. FHKCX dropped below its 100 day moving average indicating the beginning of a bearish downtrend.
Buy/sell signals for Fidelity funds are available at FidelitySignal.com