EEM has been range-trading over the past month, but the uptrend from the March low is intact.

Short-Term (days/weeks) : range-trading, but uptrend is intact
EEM was slightly lower last week, turning down at resistance from the 2023 high as Daily OB/OS momentum turned down at modestly overbought.
At the close on Friday, EEM was turning up at trend support from the 2022 low; Daily OB/OS momentum was modestly overbought.
EEM has been range-trading over the past month, but the uptrend from the March low is intact. Further range-trading short-term looks like the worst-case scenario : the short-term outlook for the key US equity market remains positive and this should be supportive for GEM equities.
See Daily OB/OS Charts, attached, page 9.
Intermediate-Term (weeks/months): positive
GEM intermediate breadth and momentum indicators were mixed again week-on-week at the close on Thursday:
 Hang Seng and Singapore Intermediate Term Indicators and Money Flow of the Average Hang Seng Stock fell,
 India Intermediate Term Indicator and Money Flow of the Average and Singapore Stock were unchanged and
 Taiwan, Korea Intermediate Term Indicators and Money Flow of the Average India and Taiwan Stock improved.
Korea and Taiwan Intermediate Term Indicators were sharply higher.
GEM equity indices were also mixed week-on-week at the close on Thursday:
 India, Korea, Taiwan, Jakarta and Singapore improved and
 MSCI Emerging Markets (EEM), Hang Seng, Shanghai, ASX, Mexico, Turkey, Philippines, Johannesburg and HSCEI fell.
India, Korea and Taiwan were sharply higher; Mexico, Hang Seng and HSCEI were sharply lower. See Weekly Charts, attached.
Mixed GEM intermediate indicators and equity indices suggests a still-positive intermediate trend (weeks/months) for GEM equity indices.
The DJIA/NYSE ITI analog model still looks relevant and points to strength to late June for key US equity indices before the next short-term pullback: this looks bullish for GEM equity indices too. See analog chart, page 2.
Key take-away: the intermediate outlook for GEM equities (weeks/months) remains positive.