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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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Friday, June 24, 2011

The Emerging Markets Index is wavering...

I felt compelled to examine my chart of EEM thanks to the folks at Zero Hedge who posted this article on their site today:   http://www.zerohedge.com/article/call-warning-sign?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+zerohedge%2Ffeed+%28zero+hedge+-+on+a+long+enough+timeline%2C+the+survival+rate+for+everyone+drops+to+zero%29

The EEM is wavering. Each candle on the chart below represents 3 days...the current candle began yesterday. Overlayed on the chart are 2 regression channels. It would appear that 41.66ish could represent a "line in the sand" level for this index to turn bearish in a meaningful way...it is roughly the former neckline of a H&S pattern that broke to the downside in August 2008, is approximately the "mean" of a larger regression channel that began in October 2007, and is approximately a -2 deviation of a shorter regression channel that began in May of 2010...in short, a confluence level and possible turning point.

Perhaps Monday's close of the current candle will shed further light as to whether price remains below the -1 deviation of the shorter regression channel and remains weak for the remainder of the week (and possibly year).

Such a bearish scenario would tie in with my last post below.