Short-Term (days/weeks) : use weakness to $39.50 as a buying opportunity for EEM

Short-Term (days/weeks) : use weakness to $39.50 as a buying
opportunity for EEM
EEM was unexpectedly sharply higher last week, extending the uptrend from the
October 2022 low; Daily OB/OS momentum turned up around neutral.
At the close on Friday, EEM was testing support at the June high; Daily OB/OS
momentum was moderately overbought.
No short-term sell signal for EEM. However, there is an open gap in the daily bar
chart around $39.50 (4% below Friday’s close, near the 14-day moving average);
this is an area of attraction and can be used as a buying opportunity.
See Daily OB/OS Charts, attached, page 9.
Intermediate-Term (weeks/months): higher
GEM intermediate breadth and momentum indicators were mixed week-on-week at
the close on Thursday :
 Hang Seng Intermediate Term Indicator fell,
 India, Singapore and Taiwan Intermediate Term Indicators and Money Flow of
the Average Hang Seng, Singapore and India Stock were unchanged and
 Korea Intermediate Term Indicator and Money Flow of the Average Taiwan
Stock improved.
GEM equity indices were almost all higher week-on-week at the close on Thursday,
including MSCI Emerging Markets (EEM), Mexico, Turkey, Philippines,
Johannesburg, Bovespa, Hang Seng, HSCEI, Shanghai, ASX, Jakarta, Korea,
Singapore and Taiwan.
India fell. See Weekly Charts, attached.
Mostly higher GEM intermediate indicators accompanied by mixed GEM
intermediate indicators suggests a still-positive intermediate trend (weeks/months)
for GEM equity indices.
The revised DJIA/NYSE ITI analog model (all troughs in the 30% range) suggests
a positive intermediate trend for the key US equity market: this is bullish for GEM
equity indices. See analog chart, page 2.
Key take-away: the intermediate outlook for GEM equities (weeks/months) is
still positive.