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

Short-Term (days/weeks) : further short-term weakness (days)
EEM fell again last week, breaching support at the August high as Daily OB/OS momentum turned negative.
At the close on Friday, EEM was testing trend support from the October low ; Daily OB/OS momentum was modestly oversold.
No short-term buy signal.
There is support for EEM at $39.50/40 from the December high, 2% 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:
 India and Korea were higher,
 MSCI Emerging Markets (EEM), Hang Seng, Jakarta, Turkey, Philippines, Johannesburg, Bovespa and Singapore fell and
 Taiwan and Shanghai were unchanged.
Hang Seng HSCEI, ASX, Philippines and Turkey accelerated lower. 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.