A week ago, my main concern about the market from a bearish perspective was how deeply oversold the overseas markets had become. Looking at the iShares MSCI EAFE ETF (NYSE:EFA), you can see how the past three days alone have gone a long way to dispatching with this pent-up pressure.
The same can be said for emerging markets, by way of the iShares MSCI Emerging Markets ETF (NYSE:EEM) symbol. This could keep pushing higher, but the green trendline shown and the black horizontal represents extremely strong resistance levels.