Emerging Market equities continue to rally outright and relative to the SPX with key technical levels being hit to tell us the rally is going higher. The argument is not a technical one but rather that is some support for the reversal. Reversing the direction of the $EEM vs the $SPY is still in the early stages of what has been a painful 5+ year run of underperformance going back to late 2010.

Emerging marketsEM assets today trade at their highs for the year ($35.35, +4.8% YTD) and are now 24.7% off the January lows for the asset class.

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