Short-Term (days/weeks) : EEM is struggling, but would give the benefit of the doubt for now, so short-term outlook still positive

Short-Term (days/weeks) : EEM is struggling, but would give the benefit of the doubt for now, so short-term outlook still positive
EEM was higher last week, turning up at trend support from the October 2022 low as Daily OB/OS momentum turned down at modestly overbought.
At the end of the week, EEM was breaching trend resistance from the July high; Daily OB/OS momentum was modestly overbought.
EEM has struggled to build momentum, but would give the uptrend in place from the July low the benefit of the doubt for now.
See Daily OB/OS Charts, attached, page 9 .
Intermediate-Term (weeks/months): still neutral
GEM intermediate breadth and momentum indicators were mixed again week-on-week at the close on Thursday:
 Korea, Taiwan and India Intermediate Term Indicators and Money Flow of the Average Taiwan and India Stock improved,
 Singapore Intermediate Term Indicator and Money Flow of the Average Hang Seng Stock were unchanged and
 Hang Seng Intermediate Term Indicators fell,
GEM equity indices were also mixed again week-on-week at the close on Thursday:
 Hang Seng, HSCEI, Korea, Taiwan, ASX, Mexico, Turkey and Singapore fell,
 MSCI Emerging Markets (EEM), ASX, Philippines, Johannesburg, Bovespa and Jakarta were higher and
 Shanghai was unchanged.
See Weekly Charts, attached.
Mixed GEM intermediate indicators and GEM equity indices still does not look like a clear intermediate buy signal for EEM. In addition, the DJIA has diverged from analogs which had suggested upside to early/mid October for the key US equity market, increasing uncertainty.
The intermediate outlook for GEM equities (weeks/months) is still neutral.