Short-Term (days/weeks) : further weakness for EEM, use as a buying opportunity

Short-Term (days/weeks) : further weakness for EEM, use as a buying opportunity
EEM was slightly lower last week as Daily OB/OS momentum turned up at neutral.
At the close on Friday, EEM was turning up at trend support from the January 2022 low; Daily OB/OS momentum was modestly overbought.
This looks like a possible short-term buy signal for EEM; however, it looks like the short-term downtrend in the key US equity market has to further to run and US analogs point to further weakness to August : see analog chart, page 2.
A breach of $38.95 support for EEM would suggest a similar scenario for GEM equities. 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 :
 Hang Seng, Korea, Singapore and Taiwan Intermediate Term Indicators and Money Flow of the Average Hang Seng and Taiwan Stock fell,
 Money Flow of the Average Singapore Stock was unchanged and
 India Intermediate Term Indicators and Money Flow of the Average India Stock were higher.
GEM equity indices were also mixed week-on-week at the close on and Thursday :
 MSCI Emerging Markets (EEM), Hang Seng, Taiwan, Korea, Philippines, Johannesburg, Mexico, Bovespa and Singapore fell,
 India and Turkey improved.
See Weekly Charts, attached.
Mixed intermediate indicators and GEM equity indices suggests a still-intact intermediate trend (weeks/months) for GEM equities.
The updated DJIA/NYSE ITI analog model (troughs in the 30% range) suggests a positive intermediate trend for the key US equity market: this should be supportive for GEM equity indices. See analog chart, page 2.
Key take-away: the intermediate outlook for GEM equities (weeks/months) remains positive.