I believe the emerging markets peaked on Thursday……..
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Very nice AM reversal yesterday morning as expected though SPX didn’t manage a full retest of the ATH before a hard reversal overnight. SPX has managed a marginal break of yesterday’s low at the open this morning and has so far filled about half of the opening gap from 2363.81. If that gap fills then I’d expect a retest of the ATH at 2368.26, though that might well be the second high of a small double top, looking at the both RSI 14 and RSI 5 sell signals that have now fixed on the hourly chart. If the gap doesn’t fill then immediate support is at the open gap from Monday morning at 2351.16, and a fill of that gap might well open up a test of the current price floor in the 2339 area. SPX 60min chart: