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Wednesday, June 05, 2013

Emerging Markets ETF Breaks Below Channel

We may see some nice follow-thru on this EEM channel break and a correction down to major support at 36.50, as shown on this Weekly chart.


A drop below 0.98 on the AUD/CAD forex pair could send it down to the lower channel at 0.959ish or lower to 0.93, as shown on this Weekly chart.


I'll be watching the recent weakness on China's Shanghai Index for a potential drop and hold below both the 50 and 200 MAs, as shown on the Daily chart below.


So, further weakness in EEM, AUD/CAD, and China could pull US equities down further, especially if we see a continued drop in Japan's Nikkei Index, as I wrote about earlier today in this post.