Further to my post of February 27th, below are a series of 3-Year Weekly charts of the Emerging Markets ETF (EEM), and the stock market indices of the BRIC countries (Brazil, Russia, India, and China).
All of them are under the influence of Weekly sell signals on the RSI, MACD, and Stochastics indicators, none of which are showing signs of a reversal.
EEM is sitting just above a major support level of 42.00, Brazil is in between major resistance and support (67,500 and 60,000), Russia is just below major resistance of 1700, India is below major resistance of 19,000, and China is, once again, below major resistance of 2300.
They all appear to be forming large topping patterns on this 3-Year timeframe and are worth watching over the next weeks…particularly China, which is the weakest…and in view of building volatility in the Foreign ETFs, as noted in my post of March 22nd.
