We last looked at the iShares MSCI United Kingdom ETF ($EWU) on January 15, noting its breakout attempt above the 61.8% Fibonacci Retracement of its 2007-09 decline. After consolidating for several months, $EWU made a new high in April, confirming the 61.8% breakout. It has spent the last 6 weeks in a tight consolidation pattern following that breakout and is now making another new high.

The kicker would be if the London $FTSE would ever catch up to much of the rest of the developed world and finally complete its long-awaited, though highly-telegraphed, breakout to new highs.