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Emerging Support For Emerging Markets?

Published 10/10/2018, 12:24 AM
Updated 07/09/2023, 06:31 AM
EEM
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MSCIEF
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Just to shift gears, I’ll offer something somewhat bullish (although I don’t mean it for a second).

The emerging markets (via iShares MSCI Emerging Markets (NYSE:EEM)), mentioned here incessantly on Slope, have been extraordinarily chart-able for 2018. That’s plain to see from the tints I have provided below. At the moment, my eye is on that yellow since, which for the third day appears to be providing support.

EEM Chart

That yellow tint also marks a very important long-term trendline, which I’ve marked with an arrow. This trendline is acting as support for the moment, while it had behaved as resistance for many years.

Long-Term Trendline

The ideal situation, of course, would be a failure at this point, promulgating another phase of the global decline.

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