Replies to post #118480 on ajtj99's Market Pulse

[ajtj99]

Man, I've been looking at the EEM periodically today trying to figure out what's going on other than the broken rising wedge on the daily.

We have a double top at 147.48 from last week with the late Feb. 147.85 high. We also appear to be back-testing the falling support/resistance line out of the Oct 31 highs through the mid-Dec. highs. That test would occur around 142.50, coincident with a test of the 200-SMA as well.

If that line at 142 holds, I think the EEM may try to climb the broken rising wedge support/resistance line, currently at 147.50 and rising. If it doesn't, I don't see how our markets are going to continue up here. There can't be that much disconnect between the EEM and the US markets.