BOTTOM LINE: Collectively, Portugal, Italy, Ireland, Greece and Spain are 1.3% above important, multi-month long head and shoulders neckline support. Italy is already through that support. Medium and long-term tops are very close for most asset markets.
Below is a weighted daily chart of stock indices of Portugal, Italy, Ireland, Greece and Spain. This is a very, very bearish picture, and it will likely resolve to the downside fairly soon.
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