This afternoon, the popular and highly followed German DAX closed lower by over 4.00 percent to 5189.93. This is a fresh new 52 week closing low for the most important stock index in the European Union. The iShares MSCI Germany Index Fund ETF (NYSE:EWG) is trading lower by 0.92 cents to $17.89 a share. Traders must now watch for the next support area on the EWG which is at $16.75. This support pivot was made on the daily chart going back to July 2009. After that next support level the March 2009 lows will be back in play as the next major support area for the EWG. In other words, there looks to be further downside in the cards for the EWG.

Other leading European ETF's that are trading lower today include the iShares MSCI Spain Index (NYSE:EWP), iShares MSCI France Index (NYSE:EWQ), and iShares MSCI Italy Index (NYSE:EWI). All of these important European ETF's are trading lower by more than 4.00 percent today. Traders should remember that the EWG is the most important European ETF to follow since Germany may be the only solvent country in the Euro-zone. Remember it is always best to follow the leader.

Nicholas Santiago

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