Emerging markets


EEM, and especially RSX and EWZ are leading in pivot terms. Funny to think but EWZ beat all the USA main indexes to reclaim its Q1P! RSX too for that matter but less gain since clearing that level.

And now like USA indexes these 3 emerging market indexes are testing or approaching long term pivots and will be interesting to watch. Especially if the dollar continues weaker, these could continue to surprise the market. I first noted this in mid February when all USA indexes were at FebS1s and these three, EEM, RSX and EWZ beat these beat USA indexes back above FebPs by several days. 

FXI and PIN are the laggers and while both bottomed on major support, are not close to recovering their QP, HP or YPs. 

EEM W chart from 2015 YR1 down to pivot, break and then plunge, this year's low bang on 1HS1. Note picture perfect weekly RSI divergence on the 2016 low. May test 1HP orange dots soon. 

Here's EEM daily chart with medium term levels only, all above MarP and even above MarR2 here. Heading into Q1P soon. 

FXI low smack on YS1 but not as much pop as EEM, and far under its 1HP.

Above MarR1 but all below MarR2. 

PIN India also low right on YS1 but not in range of recovering long term pivots yet. 

This looks even somewhat like FXI but PIN low on Q1S2 while FXI was below that. 

RSX massive rally along with oil from low on YS1, and poking above 1HP here and within range of testing YP level. Also perfect RSI divergence compared to 2014 and early 2015 lows. 

RSX D above Q1P! If you bought when suggested mid February and held, or cut and got back in, now the Q1P can be easy hold level along with the 1HP.

EWZ was one of the best shorts last year, but this year bottomed without reaching a long term support level. I cannot think of any other stock index / ETF that did that. Now back to YP! 

EWZ jumped above Q1P on very high volume and has decently gained since then despite being overbought. Quite healthy here.