![image](http://pppre.s3.amazonaws.com/31065d37ef9397f5/d81a7324c7754179ab43eb001ef6479b.png)
![image](http://pppre.s3.amazonaws.com/31065d37ef9397f5/d6e226ed0f7b4b1d8cf11e3ca48a77ff.png)
![image](http://pppre.s3.amazonaws.com/31065d37ef9397f5/9e93f37b76a947679eb23339c2a9e46b.png)
![image](http://pppre.s3.amazonaws.com/31065d37ef9397f5/dc3374f1027546ca991ae7381a081e32.png)
Country indexes for Germany, Netherlands, and Sweden remain in trading ranges:
![image](http://pppre.s3.amazonaws.com/31065d37ef9397f5/99da342040204a58bda4addca0b0d26a.png)
![image](http://pppre.s3.amazonaws.com/31065d37ef9397f5/f6761ecd068b427787f852fe148d3cbd.png)
![image](http://pppre.s3.amazonaws.com/31065d37ef9397f5/090ccd2591b04259a26bcdf05b904da3.png)
In aggregate, stocks in Finland, France, Italy, and Spain have declined on a relative basis for years-- but recently rallied to at least challenge resistance at the long-term downtrend line:
![image](http://pppre.s3.amazonaws.com/31065d37ef9397f5/3f42c05bbef645449e26e847bc444ce6.png)
![image](http://pppre.s3.amazonaws.com/31065d37ef9397f5/f7cb609f63614b34b268385d84ac749c.png)
![image](http://pppre.s3.amazonaws.com/31065d37ef9397f5/0952ccf665b547f8ab3f1f1a9fe86a30.png)
![image](http://pppre.s3.amazonaws.com/31065d37ef9397f5/fdc79733aaf74711beab46f3b8a5634d.png)
Austrian, Norwegian, Portuguese, and UK constituents, also in multi-year relative strength downtrends, recently accelerated to the downside:
![image](http://pppre.s3.amazonaws.com/31065d37ef9397f5/93ce4d21ca0b49fa86ad629270b60503.png)
![image](http://pppre.s3.amazonaws.com/31065d37ef9397f5/44eb0cba68e64a43b13880cbaefb3a39.png)
![image](http://pppre.s3.amazonaws.com/31065d37ef9397f5/ffa5ceea45124077b3a736432c500a45.png)
![image](http://pppre.s3.amazonaws.com/31065d37ef9397f5/e00a6a1925e240568ef13510a4b08604.png)