Now that Q2 is over, we can reflect upon one market that showed relatively persistent weakness: emerging markets.

Outside the U.S., equities suffered far more than sky-high insanity like our own Russell 2000. Brazil was beaten, and China, shown below, got walloped (thanks, I suppose, to trade tensions). Yeah, it may recover, but that tinted zone is a rock solid wall of lead.

Going back to EEM, if you strip away everything except the 50/100/200 exponential moving averages, you can see there’s no denying what turn the market has decided to take.