Euro top 50 remains very bullish short term.
FEZ remains very bullish on the short-term monitor, reflecting sustained strength in the Euro top 50 basket.
FEZ is explicitly grouped among the “still very bullish” conditions on the short-term timeframe. That suggests the near-term market rotation is not pressuring this segment as much as tech.
"US Stock Market - S&P 500 SPX Price Projections & Cycle Timing"