Short-Term (days/weeks) : EEM has completed 5 up-legs from the mid-March price low and now looks lower to October 2022 support around $38.25.

Short-Term (days/weeks) : lower
EEM fell last week, turning down at price resistance from the February high; EEM
Daily OB/OS momentum continued to neutralize from moderately overbought. At
the close on Friday, EEM was still above next trend support from the October 2022
low; Daily OB/OS momentum was still modestly overbought.
EEM has completed 5 up-legs from the mid-March price low and now looks lower
to October 2022 support around $38.25.
See Daily OB/OS Charts, attached, page 9.
Intermediate-Term (weeks/months): positive
GEM intermediate breadth and momentum indicators were mostly higher or
unchanged week-on-week at the close on Thursday:
 Hang Seng and Korea Intermediate Term Indicators and Money Flow of the
Average Singapore Stock improved,
 India and Singapore Intermediate Term Indicators and Money Flow of the
Average Hang Seng and India Stock were unchanged and
 Taiwan Intermediate Term Indicator and Money Flow of the Average Taiwan
Stock fell.
Korea Intermediate Term Indicator accelerated higher and Taiwan Intermediate
Term Indicator accelerated lower.
GEM equity indices were mixed week-on-week at the close on Thursday:
 EEM, Taiwan, HSCEI, Mexico, Turkey, Johannesburg, Bovespa and India fell,
 Hang Seng, Philippines and Singapore were higher and
 Korea, Jakarta and ASX were unchanged.
India, Korea, ASX, Turkey, Bovespa and Jakarta accelerated higher; Johannesburg,
Bovespa and HSCEI accelerated lower. See Weekly Charts, attached.
No sell signal—the intermediate outlook (weeks/months) for GEM equity indices
remains positive. Two of three analog models of the DJIA NYSE ITI and the Pre-
Election Year analogs point to a positive intermediate trend for US equity indices :
this should be bullish for GEM equity indices : see charts, pages 2-4.
Key take-away: the intermediate outlook for GEM equities (weeks/months)
remains positive.