Emerging ETF Hits Resistance

01/08/2009 9:22 am EST

Focus: ETFS

Thomas Aspray

, Professional Trader & Analyst

chart

The iShares MSCI Emerging Market ETF (EEM) rallied to resistance in the $27-$28 area but then gapped lower Wednesday, creating a bearish candle formation. The short term uptrend is close to being violated. More important support at $23.50 and the 50-day MA. Volume has been declining since the November lows.

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