Short-Term (days/weeks) : further short-term weakness (days) for EEM

Short-Term (days/weeks) : further short-term weakness (days)
EEM fell last week, turning down at trend resistance from the January 2022 high as Daily OB/OS momentum turned down at moderately overbought.
At the close on Friday, EEM was testing support from the August high ; Daily OB/OS momentum was still modestly overbought.
Further weakness for EEM looks likely and should be used as a buying opportunity since the intermediate trend (weeks/months) remains positive.
There is support at $39.50/40 trend support from the October low, 2-3% below Friday’s close.
See Daily OB/OS Charts, attached, page 9.
Intermediate-Term (weeks/months): still positive
GEM intermediate breadth and momentum indicators were mixed week-on-week at the close on Thursday:
 Taiwan and Korea Intermediate Term Indicators and Money Flow of the Average Taiwan and Singapore Stock were higher,
 India Intermediate Term Indicator and Money Flow of the Average Hang Seng and India Stock were lower and
 Hang Seng and Singapore Intermediate Term Indicators were unchanged.
GEM equity indices were also mixed week-on-week at the close on Friday:
 Taiwan, Jakarta, Johannesburg and ASX were higher,
 MSCI Emerging Markets (EEM), Hang Seng, HSCEI, Mexico, Turkey, Philippines and India fell and
 Korea, Shanghai and Singapore were unchanged.
Mexico, HSCEI and MSCI Emerging Markets (EEM) accelerated lower; Taiwan and ASX accelerated higher. See Weekly Charts, attached.
Mixed intermediate indicators and GEM equity indices suggests a still-positive intermediate trend (weeks/months) for GEM equity indices.
Key take-away: the intermediate outlook for GEM equities (weeks/months) remains positive.