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I suggest keeping a close eye on the emerging markets via symbol EEM, which has been following a clean channel for twelve months now. We’ve come all the way down to channel support, which is a true “make or break” (or, more accurately, bounce or break) moment.
As much as interest-sensitive ETFs have been plunging, it’s been anyone’s guess when they would bounce. Well, our little trendline friend on LQD did a pitch-perfect job (green arrow). I think that it suggests is that any rally will meet resistance at where I’ve put the red arrow.
