Thursday, December 20, 2018 11:22:24 AM
Lately, many talking heads in the financial news have been calling a bottom in the emerging markets. Please note, the iShares MSCI Emerging Markets ETF (NYSEARCA:EEM) topped out on January 26, 2018 at $52.08 a share. At that time, all of the major stock indexes also topped out and staged a minor correction before moving higher into September. The EEM never recovered and simply continued to decline into October 29, 2018. This low was when the Shanghai (China) market found a near term bottom. So we can easily see how tightly related the Chinese market is to the EEM. Currently, the EEM is trading at $38.98 a share which is still above the October low pivot. A weekly chart close below the October 29th low will signal another leg down for the EEM. The next major support level for this highly popular ETF will be around the $34.50 area. So it is critical for this to hold up at this time. Either way, this is now a traders market, so be patient and wait for these important technical levels to come into play.
Nick Santiago
InTheMoneyStocks
FEATURED Cannabix's Breath Logix Alcohol Device Delivers Positive Impact to Private Monitoring Agency in Montana, USA • Apr 25, 2024 8:52 AM
Bantec Reports an Over 50 Percent Increase in Sales and Profits in Q1 2024 from Q1 2023 • BANT • Apr 25, 2024 10:00 AM
Kona Gold Beverages, Inc. Announces Name Change to NuVibe, Inc. and Initiation of Ticker Symbol Application Process • KGKG • Apr 25, 2024 8:30 AM
Axis Technologies Group and Carbonis Forge Ahead with New Digital Carbon Credit Technology • AXTG • Apr 24, 2024 3:00 AM
North Bay Resources Announces Successful Equipment Test at Bishop Gold Mill, Inyo County, California • NBRI • Apr 23, 2024 9:41 AM
Epazz, Inc.: CryObo, Inc. solar Bitcoin operations will issue tokens • EPAZ • Apr 23, 2024 9:20 AM