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Even though the major US averages continue to make new rally highs, two of the emerging market ETFs are still lagging. The iShares Brazil ETF (EWZ) bounced off the 38.2% support at 62, but is still 5.7% below the November 2009 highs. The 50- and 200-day MAs are converging, but are still positive. Meanwhile, China ETF FXI is acting even weaker as the 50-day MA is now below its 200-day counterpart. FXI did rebound from the 38.2% support, but it is still 7.3% below the highs made late last year.
