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Figure 1 is a weekly chart of the i-Shares MSCI Emerging Market Index (symbol: EEM).
Figure 1. EEM/ weekly
Original comment: EEM is one of the few ETF's forming a nice base. First off, EEM did not violate the quarter 4, 2008 lows at 20.45. This is our support level, and any weekly close below 20.45 would be an ominous sign. The initial upside is 25.50.
Original comment: EEM is one of the few ETF's forming a nice base. First off, EEM did not violate the quarter 4, 2008 lows at 20.45. This is our support level, and any weekly close below 20.45 would be an ominous sign. The initial upside is 25.50.
Follow up comment: Our initial price objective has been achieved. A weekly close over the pivot at 25.50 is a "break out" that should catapult prices to the 40 week moving average.
Figure 2 is a weekly chart of the i-Shares MSCI Brazil Index Fund (symbol: EWZ).
Figure 2. EWZ/ weekly
Original comment: The breakdown of 4 weeks ago (red down arrows on chart) is this week's re-test. A weekly close above 36.50 would reverse this breakdown and lead to higher prices. In all likelihood, EWZ remains in the "box" (i.e., range) with the quarter 4, 2008 lows on the downside and early February, 2009 highs on the upside.
Follow up comment: EWZ still remains in the "box". A"break out" from this range should catapult prices to the 40 week moving average.
Figure 3 is a weekly chart of the i-Shares Dow Jones REIT Trust Index (symbol: IYR).
Figure 3. IYR/ weekly
Original comment: The breakdown of 4 weeks ago (red down arrows on chart) is this week's re-test. A weekly close greater than 26.78 (resistance) would be constructive.
Follow up comment: Prices are still retesting the break down area; I would use a weekly close over 29.37 (prior key pivot) as a real marker that the trend has changed.
Figure 4 is a weekly chart of the i-Shares MSCI EAFE Index Trust (symbol: EFA).
Figure 4. EFA/ weekly
Original comment: This ETF represents developed countries in Europe, Asia and the Far East. EFA remains in a down trend, and yesterday's bounce appears to be nothing more than noise at this point in time.
Follow up comment: For now, this looks like nothing more than a bounce into resistance.
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2 comments:
On a related note to the EEM chart....if you look at the KOSPI chart post-Asian flu, is was range-bound between 1998 and 2005....assuming the credit meltdown is analagous to Asian flu, we could be range-bound with big swings for a long time.
I don't disagree with that analogy; at best the market is rangebound as this market will need TIME before we see that generatational low
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