The short-term decline for EEM looks complete: the outlook (days/weeks) is again positive.

Short-Term (days/weeks) : positive (was negative)
EEM was fractionally higher last week; EEM Daily OB/OS momentum turned
negative.
Mid-week, EEM turned up at the March trend support as expected. At the close on
Friday, EEM was still below resistance from the January high, leaving room for
further upside; Daily OB/OS momentum was turning up at very modestly oversold.
The short-term decline for EEM looks complete: the outlook (days/weeks) is again
positive.
See Daily OB/OS Charts, attached, page 9.
Intermediate-Term (weeks/months): positive
GEM intermediate breadth and momentum indicators were mixed week-on-week at
the close on Thursday:
 Hang Seng and India Intermediate Term Indicators and Money Flow of the
Average India Stock improved,
 Taiwan and Korea Intermediate Term Indicators and Money Flow of the Average
Singapore Stock fell and
 Singapore Intermediate Term Indicator and Money Flow of the Average Hang
Seng and Taiwan Stock were unchanged.
India, Korea and Taiwan Intermediate Term Indicators accelerated lower.
GEM equity indices were mostly lower week-on-week at the close on Thursday,
including Hang Seng, HSCEI, Taiwan, Korea, Shanghai, Singapore, Johannesburg,
Bovespa, ASX and Turkey. MSCI Emerging Markets (EEM) and Jakarta were
higher and Philippines was unchanged.
Hang Seng, Taiwan, Korea, Bovespa and Turkey accelerated lower; India and
Jakarta accelerated higher. See Weekly Charts, attached.
Mixed intermediate-term GEM indicators accompanied by improvement in EEM
suggests a still-positive intermediate outlook (weeks/months) for GEM equity
indices. Also, all three updated DJIA analog models (2 NYSE ITI and the Pre-
Election Year cycle) still point to a positive intermediate trend for US equity
indices : this should be bullish for GEM equity indices : see charts, pages 2-4.
Key take-away: the inter mediate outlook for GEM equities (weeks/months)
remains positive.