If I had more time I would include these in the weekly rotation. These have been great trading vehicles both on the long and short side with a lot more movement than most USA stock indexes for quite some time.
As soon as we go outside USA we have a currency issue. This is at times not insignificant. Consider Japanese Nikkei move from June 2012 to 2015 highs was 154% trough to peak, while EWJ owning the same stocks (though likely not as broad) was 54%. A deep pockets hedge fund with a global desk could trade futures on various exchanges, but I will keep this to ETFs that are more commonly available for the typical reader.
EEM is quite commonly mentioned emerging markets ETF with high volume.
FXI China, mostly Hong Kong shares. (There are ways to play Shanghai and Shenzen - these were great in 2014-15, but stuck in range this year.)
India has choices of a few ETFs; all have currency issue (compare Nifty to any of the ETFs), but will usually mention INDA or PIN. PIN has been a bit better, so let's keep to that.
RSX also a lot of volatility that has moved somewhat with oil.
EWZ Brazil led the drop last year and this year has been the best thing to own. Funny.
ACWI is global benchmark ETF that tracks the MSCI All Country World Index. This corresponds to NYA/VTI for global stock market activity.
As 4 of 5 USA mains are below Q4Ps, EEM has tested its Q4P once and held, FXI 2nd test on Friday but still above, PIN also 2 tests and holds, RSX 2 Q4P breaks the weaker of the bunch (in addition to high on YR1), EWZ soaring and great if you are holding but buy now just late. ACWI as a benchmark (to compare global stocks vs USA via NYA/VTI) also testing Q4P but mostly above this quarter places it relatively stronger than USA.
A full chart workup on all of these is definitely worthwhile project but for this post will keep to 1 weekly tech analysis chart, 1 weekly pivots chart, and a daily pivots only chart for trend.
This was hammered 2015 second half, but has outperformed in % terms on the rally this year. Rising W20MA (orange) support, along with W100 (thin black). If above the W200 (thick black) and top of BB obvious resistance.
EEM weekly pivots chart cannot really get going above 2HR1 level despite trying a couple times.
EEM daily pivots only (no support / resistance) with MAs shows all above Q4P. Compare that to USA indexes (4 of 5 below Q4Ps right now). I'm thinking a re-test of Q4P with nice rising 100MA would be ideal buy (if out of longs). Of course if market rebounds it could easily recover status of above all pivots. Remember there is likely to be performance chasing into year end and everyone will be eager to own the 2016 winners.
This weekly chart was an additional reason I thought that EEM & FXI would cool off in Q4. 10/1 Total market view: "China has had an impressive summer, with FXI all above monthly pivots for 3 months in a row and a 22% rally off 6/27 low to 9/8 high; this has helped EEM as well. But some cooling off would be normal." I was looking at the weekly 100, 200 and 400 all likely to be resistance. But now FXI has dropped into a rising weekly 20MA. Again compare this to USA indexes, as 4 of 5 mains are below weekly 20MAs and some of them even sloping down.
FXI is under its YP because the 2015 range was so wide. Above 2HP was enough of a trend change to again consider that as longer term buy. Better if holds that 2HR1 as support.
2nd test of Q4P with rising 100MA just below.
Also dropping onto rising W20MA. Though this has done nothing since August, most USA indexes haven't done anything either. Check out that consistent buying near the YP on the daily chart from late July everything down there immediately back up. 2 holds of Q4P so far and anything higher on Monday would be back above all pivots.
RSX has struggled up near its upper weekly BB despite oil's recent pop. It is also above its W20. And there it is, the low of year on YS1 and high of year on YR1 acting as resistance since mid August. RSX had multiple holds of the YP from April all the way to June before putting in another 18% up from that level. 2nd break of Q4P here, though slight.
Last but not least! I first mentioned this along with RSX back in February because I saw it was above its monthly pivot when USA were below. That was odd at the time because this was one of the worst performing assets in 2015 and had been one of the best shorts. If you force yourself to buy what is above all pivots and hold, then you wind up with things like this sometimes. Note that aside from 2 day drop in March right on top of sharply rising 20MA, this has had some kind of long term strength (above HP or YP) since 3/4. Potential buys:
2/3 above monthly pivot and rising 10MA, stopped out
2/12 deceptive but above monthly pivot and slightly rising 20MA, could be holding
3/3 above Q1P, could be holding still
4/8 above all pivots and rising MAs, doing fine
5/10 probably stopped, if you bought there
6/3 brief drop below YP, recovered above all pivots; could be holding still
6/16 also nice looking bar
6/27 Brazil not really caring above Brexit eh? Higher low than 6/16 which learly held YP and above all pivots.
7/6 test of Q3P / OctP combo really hold or add at that point
8/2 massive hold of AugP and 2 rising MAs
9/21 doing OK fractional break of SepP otherwise fine
10/3-4 above all pivots with nice rising MAs, when much of USA was below
But I'd say given weekly chart falling 200MA, weekly and daily chart RSIs, % move off lows, certainly it is getting late in game to be now thinking to try a long. Even though leaders often benefit into year end, with charts very overbought the risk shifts to traders taking profits.
Sitting on W100 the last 3 weeks, with W20 nearby. 2nd time near Q4P, interesting to see if holds.