Short-Term (days/weeks) : EEM higher (was neutral)

Short-Term (days/weeks) : higher (was neutral)
EEM fell again last week, breaching April/May price support as Daily OB/OS momentum turned negative.
At the end of the week, EEM was turning up at trend support from the October 2022 low; Daily OB/OS momentum was stalling at modestly oversold.
The Number of NYSE Stocks with Weekly Money Flow Turning Positive suggests a short-term low for the key US equity market next week (see US Weekly Charts, page 4).
Accompanied by EEM strength from longer-term trend support, this looks like a short-term buy signal (days/weeks) for EEM.
However, the intermediate outlook (weeks/months) for developed and emerging equity markets is now negative (see below and US Report), suggesting that short-term price strength now will likely be countertrend.
See Daily OB/OS Charts, attached, page 9.

Intermediate-Term (weeks/months): negative (was neutral)
GEM intermediate breadth and momentum indicators were all lower or unchanged week-on-week at the close on Thursday:
 Hang Seng, India and Taiwan Intermediate Term Indicators and Money Flow of the Average India and Taiwan Stock fell and
 Singapore Intermediate Term Indicator and Money Flow of the Average Hang Seng and Singapore Stock were unchanged.
Korea was closed.
GEM equity indices were mixed again week-on-week at the close on Thursday:
 MSCI Emerging Markets (EEM), Hang Seng, HSCEI, Shanghai, Jakarta, Mexico, Johannesburg and ASX fell and
 Taiwan, Turkey, Bovespa, Philippines and Singapore were higher.
See Weekly Charts, attached.
Lower or unchanged GEM intermediate indicators accompanied by renewed weakness in EEM suggests a negative intermediate outlook (weeks/months) for EEM (was neutral). The intermediate outlook for the key US equity market is now negative too.
The intermediate outlook for GEM equities (weeks/months) is now negative (was neutral).