Two ETFs in the move: VEU and GNR

We received a request to look at the charts for VEU and GNR.

In summary, the Vanguard FTSE All World Ex US ETF (VEU) is bullish and has achieved a breakout from a massive base going back to 2007. The SSgA Active Trust - SPDR S&P Global Natural Resources ETF (GNR) is positioning to break higher from a big cup and handle basing pattern going back to early 2011.

The mid 2025 breakout for Vanguard FTSE All World Ex US ETF (VEU) from a massive base going back to 2008 rhymes with the bullish breakout from a 17-year big base for the iShares MSCI EAFE Index Fund ETF (EFA) that we flagged in our June 16 The Stock Pulse report. VEU's breakout above 65.28-63.81 confirmed a late 2007 into mid 2025 big triangle base to set up longer-term upside potential to pattern counts at 84.50 (mid 2021-mid 2025 cup and handle target) and 104 (big triangle base target).

The rising 6-month moving average and October-November lows from 71.10 to 70.00 offer a tactical support for VEU after of the big base breakout zone from 65.28 to 63.81.

Chart 1: Vanguard FTSE All World Ex US ETF (VEU): Monthly chart

The SSgA Active Trust - SPDR S&P Global Natural Resources ETF (GNR) has the potential to complete a large cup and handle dating back to early 2011. The handle low held where it needed to, which was at the 50% retracement of the March 2020-April 2022 rally near 45.

Recent strength is pushed GNR above resistance at the May 2024 and January 2023 highs at 60.64-62.82. Sustaining this rally would increase the potential a bigger breakout above 64.69-65.66 that would confirm the 14-year+ cup and handle and suggest further upside. Under this scenario, the 61.8% extension of the rally from the cup low to the handle high projected from the April 2025 handle low offers a nearby target at 70.48, but the big base points higher toward 86.12 (100% extension) and 102 (pattern count) on a longer-term basis.

The rising 6-month moving average and November-September lows from 58.98 to 57.23 offer nearby support.

Chart 2: SSgA Active Trust - SPDR S&P Global Natural Resources ETF (GNR)