There is enough technical evidence that emerging markets found strong resistance around the current levels. The MSCI EM USD price index tested its decade-long trend line and also the upper boundary of its year-long trend channel. However, it is still early to call for a possible reversal from the strong resistance area. MSCI EM index is possibly forming a decade-long symmetrical triangle.

A quick note on another index with its long-term chart.. EuroStoxx 50 index; the benchmark for European equity performance tested its multi-year trend resistance. It is possible that these two charts (MSCI Emerging Markets & EuroStoxx 50 Index) play an important role on the strength/weakness of the global equity markets in the following months. Failure to breach the long-term resistances can push both EM and European equities lower and extend the long-term consolidations. A strong breakout from multi-year consolidation ranges can add momentum to the uptrends in the global equity markets.

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