Big Breakout to New Highs in Emerging Markets EEM
If you’re only watching the US Indexes like the S&P 500, you may have missed Wednesday’s and Thursday’s bullish breakout in Emerging Markets (ETF symbol EEM).
Let’s take a look and see what’s happening in this lesser-watched market:
While the S&P 500 trades just beneath its all time high – and the US Dow Jones Index did push to a new all-time high – shares of the Emerging Markets ETF (EEM) pushed through the $42.00 per share barrier to a new multi-month high.
The last four trading sessions have been resoundingly bullish on higher volume and momentum.
Price broke through the upper boundary of a sideways rectangle at the $42.00 pivot.
The uptrend continues with shares of the ETF breaking out.
Continue following this development and relative strength in action.
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Corey Rosenbloom, CMT
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