The benchmark for the Emerging Markets performance, the iShares MSCI Emerging Markets (EEM) ETF is consolidating around the 200-day average possibly forming a larger scale bottom reversal chart pattern. If the ETF is forming a complex H&S bottom, price should find support between 40-41 area to form the right shoulder of a H&S bottom. I will monitor this ETF for another attempt to stabilize above the long-term average. I consider price action that manages to stabilize above the 200-day average an uptrend and review that chart with a bullish perspective.
Similar to ACWI and EEM, the benchmark for the Frontier Markets performance, the iShares MSCI Frontier 100 ETF (FM)) reversed from its long-term average, possibly in an attempt to form the right shoulder of a larger scale bottom reversal. If the ETF (still at early stages) is forming a H&S bottom, the right shoulder should find support around 27-27.5 area.
