Short-Term (days/weeks): At the close on Friday, EEM was turning up at trend support from the fall 2022 low; Daily OB/OS momentum was modestly overbought.

Short-Term (days/weeks) : positive
EEM unexpectedly fell last week, like developed equity market indices, turning
down at resistance from the July 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 fall 2022 low;
Daily OB/OS momentum was modestly overbought.
Modest price weakness for EEM last week is disappointing, but DJIA /NY SE ITI
analogs of troughs in the 50% range and the DJIA/Pre-Election Year analog model
suggest a short-term low now for the US equity market, then strength to early/late
October ; this should be bullish for GEM short-term.
See Daily OB/OS Charts, attached, page 9 and analog charts, pages 2-3.
Intermediate-Term (weeks/months): still neutral
GEM intermediate breadth and momentum indicators were broadly mixed week-onweek
at the close on Thursday:
 Hang Seng, Korea, Singapore and Taiwan Intermediate Term Indicators and
Money Flow of the Average India Stock fell,
 India Intermediate Term Indicator and Money Flow of the Average India Stock
improved,
 Money Flow of the Average Hang Seng, Singapore and Taiwan Stock were
unchanged.
GEM equity indices were mixed week-on-week at the close on Thursday:
 MSCI Emerging Markets (EEM), Hang Seng, HSCEI, Korea, Taiwan, ASX,
Mexico and Singapore fell,
 Johannesburg, India, Turkey and Bovespa were higher and
 Shanghai, Philippines and Jakarta were unchanged.
See Weekly Charts, attached.
A fall in EEM accompanied by mixed GEM intermediate indicators still does not
look like an intermediate buy signal for GEM equity indices.
Wait for broad improvement in GEM intermediate indicators accompanied by
equity index price strength as a clear intermediate buy signal.
The intermediate outlook for GEM equities (weeks/months) is still neutral.