Emerging markets

Shanghai, EEM, FXI, PIN, RSX, EWZ

RSX and EWZ have had huge rallies along with oil. Buys were the clears of FebPs as mentioned in weekly strategy in mid February as USA indexes were still well below, and/or clear buying when they went green on the year. RSX clearing YP currently stronger position, and EWZ testing, with one very volatile rejection and comeback to this level.

EEM also getting into gear, and also mentioned in strategy from mid February. It just cleared a quarterly pivot yesterday. While tougher setup heading into both long term pivots and falling D200MA, already quite positive on the year well before USA indexes and thinking this theme continues. That day above the Q1P could have been some add, but not really a setup to go massively long since still heading into 2 long term resistance levels and a D200MA with RSI near overbought. 

Shanghai, FXI and PIN bringing up the rear, and nowhere close to recovering long term levels, and negative for the year. I suppose they could get moving if oil stalls and play catch up, but for now the relative weakness puts them on the short watch list. No levels nearby for any short trigger however. These are obvious avoids on the long side for now, plenty of other leaders were much better buys the last 4 weeks. 

Shanghai massive run second half 2015 above the YP and all the way to 2015 R3. Then plummet down to YP. Down like all markets early, but very limited bounce so far. 

SHC D above MarP and stable but very limited bounce compared to other markets. Still very negative on the year too. Is this accumulation or pause before another drop? No idea. If back under all pivots then it is short candidate. 

EEM W testing 1HP. The confident approach suggests clear more likely.

Q and month levels here on the daily. The best buy really when above the FebP and/or going with breakout up 3/1. First day after Q1P was yesterday but admittedly tougher setup with RSI almost fully OB and heading into falling D200 as well. Flip side is not much to risk, if back under Q1P then reduce any late add. 

All pivots together; buying above the Q1P meant just in front of 1HP. Tougher setup as they go but also consider red line where EEM went green for year. Clear support and big buying. We could continue to see this theme. 

FXI is up with low very near YS1, but not nearly close to recovering any pivot.

Still negative on the year. All above MarP however, and last 2 days above MarR2. 

PIN (India) also not doing much. Clear hold of YS1 though. 

Still negative on the year. Between pivot levels right now, although just held Q1S1 as support. 

RSX above 1HP the last 3 weeks, with look of support the last 2, and this week clearing the YP! Of course it has rallied along with oil. Now key lows on YS1 and then 1HS1. 

RSX D very strong after going positive on the year above the red line. Some shuffle near 1HP / Q1P area but only 1 day break with several holds and lifts after that. 

EWZ fast move up to 1HP / YP area. 1HP holding as support, but YP maybe resistance here. Smaller blue bar more likely to drop as next move. 

Also huge buying when positive for the year the second time. Big rejection from YP but came right back! Testing level again here with significant RSI divergence. I cannot say good buy setup here. If in from Feb or early March I think it was partial take on the YP rejection.