Short-Term (days/weeks) : no buy signal yet for EEM, but probably close

Short-Term (days/weeks) : no buy signal yet, but probably close
EEM was sharply lower last week, like developed equity market indices, breaching
trend support from the 2022 low as Daily OB/OS momentum turned negative.
At the close on Friday, EEM was testing support at the April/May lows; Daily OB/
OS momentum was oversold.
With EEM at support and Daily OB/OS oversold, the conditions are in place for a
short-term low.
Also, US analogs point to a short-term low around now (see below). However, there
is no clear short-term buy signal yet.
See Daily OB/OS Charts, attached, page 9 and analog charts, pages 2 and 3.
Intermediate-Term (weeks/months): still negative
GEM intermediate breadth and momentum indicators were almost all lower weekon-
week at the close on Thursday, including Hang Seng, India, Taiwan and Korea
Intermediate Term Indicators and Money Flow of the Average India, Hang Seng,
Taiwan and Singapore Stock ; the Singapore Intermediate Term Indicator was
unchanged.
GEM equity indices were all lower week-on-week at the close on Thursday
including MSCI Emerging Markets (EEM), Korea, HSCEI, Hang Seng, India,
ASX, Jakarta, Mexico, Philippines, Johannesburg, Bovespa, Singapore, Shanghai
and Turkey. Indicators were all sharply lower.
See Weekly Charts, attached.
Mostly sharply lower intermediate GEM breadth and momentum indicators and
GEM equity indices suggests a still-negative intermediate outlook (weeks/months)
for EEM.
US analogs of the DJIA and the NYSE ITI analog point to a likely low now,
followed by either a trading range or new highs into October for the DJIA and S&P
500: see analog charts, pages 2-3. However, it’s best to wait for a clear intermediate
buy signal.
The intermediate outlook for GEM equities (weeks/months) is still negative,
but on the alert for a low soon.