Thursday, February 20, 2014

Emerging Markets Rebound, But Hit Resistance

The emerging market ETF has rallied from 37 to ~ 39.5 but has hit resistance just below the 200 day EMA and at the lower 40s -- a level that has support for technical resistance.  However, notice two important technical details with this chart: the MACD is still clearly moving lower and the CMF has been printing negative numbers over about 3 1/2 months.  Neither of these facts bodes well for the future price moves.