Emerging Markets Weekly Trend Positive
08/07/2009 9:32 am EST
The iShares MSCI Emerging Markets ETF (EEM) made new highs this week as the 50% retracement resistance has been met. The 61.8% level is just below $42 and the weekly technical studies continue to confirm the new highs. The first sign of a top would be a break of the weekly RSI’s uptrend. Initial support is now at $35.