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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...
* Major World Market Indices * Futures Markets * U.S. Sectors and ETFs * Commodities * U.S. Bonds * Forex

N.B.
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
* My posts are also re-published by several other websites and I have no control as to when their editors do so, or for the accuracy in their editing and reproduction of my content.
* From time to time, I will add updated market information and charts to some of my articles, so it's worth checking back here occasionally for the latest analyses.

DISCLAIMER: All the information contained within my posts are my opinions only and none of it may be construed as financial or trading advice...

Dots

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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.