Someone forgot to tell you it was still May on the calendar? That means anything can happen in EM.  And even if the crisis is inspired by a political crisis in the developed world, the impact is always the same – EM gets torched.

But despite the aggressive peak to intraday low today move of 4.2% EM equities have held their down draft trend line from December lows, test in mid-march, mid-April and now in mid-May.

EM also has a major level to hold at $39.70-$40.00 on the EEM.   We need a constructive hold on todays close yet markets are not ready to just forgive and forget.

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