A look at the charts of emerging markets show an interesting situation.
EEM looks to be breaking out of a consolidation on the daily as well as the weekly long term charts. It is a good sign when there are breakouts in multiple timeframes.
And markets are fractals. Meaning that often the same patterns are noticed in charts of different timeframes. Much as a tree is seen in a branch and a branch in a twig....
Notice the cup and handle formation in the weekly and daily charts and the breakout.
This may be the start of another long term move in the emerging markets. And may be a harbinger of things to come worldwide. Take another look at the small cap chart IWM....
and while we are here, an instance of support/resistance in MCP: