As emerging markets (EM) have been down about 10% year-to-date alone, one can wonder if the sell-off is near its end.

According to technical analyst Andrew Thrasher, the market’s “underlying internals may be giving us some clues to a shift in trend.”

Here’s his main point:

Below is a chart of the ratio between emerging markets ($EEM) and the S&P 500 ($SPY). The green line has been taking the elevator down since October as U.S. equities have been outperforming emerging stocks. However, since November we’ve seen the Relative Strength Index (RSI) begin to rise and create a positive divergence by making higher lows and higher highs.

Source: Athrasher

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