Short-Term (days/weeks) : a few days down, modestly lower for EEM

Short-Term (days/weeks) : a few days down, modestly lower for EEM
EEM was lower last week, breaching support at the April high as Daily OB/OS momentum turned down at a moderately overbought new short-term high.
At the close on Friday, EEM was still above next trend support at the October low ; Daily OB/OS momentum was still in modestly overbought territory.
EEM looks modestly lower to trend support from the October low; would use weakness as a buying opportunity.
See Daily OB/OS Charts, attached, page 9.
Intermediate-Term (weeks/months): still positive
GEM intermediate breadth and momentum indicators were all unchanged or lower
week-on-week at the close on Wednesday (Hang Seng, Taiwan) and Thursday (India, Korea and Singapore:
 Taiwan and Korea Intermediate Term Indicators and Money Flow of the Average Hang Seng and Singapore Stock fell and
 Hang Seng, Singapore and India Intermediate Term Indicators and Money Flow of the Average India and Taiwan Stock were unchanged.
GEM equity indices were mostly lower week-on-week at the close on Wednesday (Hang Seng, Taiwan) and Thursday (all other indices), including MSCI Emerging Markets (EEM), Hang Seng, HSCEI, Shanghai, Taiwan, Singapore, Jakarta, Philippines, Johannesburg, Mexico and Korea. EEM, Hang Seng, HSCEI, Turkey, Philippines, Mexico and Shanghai accelerated lower. India improved and ASX was unchanged.
See Weekly Charts, attached.
No clear intermediate sell signal (weeks/months for EEM); the uptrend from the fall 2022 low is intact.
The DJIA/NYSE ITI analog model (troughs in the 30% range) suggests strength to late July for the key US equity market: this should be supportive for GEM equity indices. See analog chart, page 2.
Key take-away: the intermediate outlook for GEM equities (weeks/months) remains positive.