Have you noticed the rally in the (EEM) ? The iShares MSCI Emerging Markets ETF. The EEM rallied above the declining 200-day moving average line for a few days.
This may be a rally failure and yet it could be foreshadowing further strength in the next few weeks or even a couple of months. Let's look closer at the charts and indicators.
In this daily bar chart of EEM, below, we can see a decline that made a low in late October and a successful retest in December with heavier volume. Heavier volume on the second low or retest can mean that buyers were more confident as the second low or retest was being done.
Like many other markets and individual stocks, the EEM rallied in January and the slope of the 50-day moving average line turned positive. Prices crossed the 200-day line in late January but recently slipped lower.
The On-Balance-Volume (OBV) line turned up with the price action in January and the Moving Average Convergence Divergence (MACD) oscillator turned up above the zero line. The MACD oscillator is crossing to a take profits sell signal now.

In this weekly bar chart of the EEM, below, we can see the $38 area is a prior resistance area from 2016 and that is why it probably held that level late last year. Prices are testing the declining 40-week moving average line and we could soon close above it.
The weekly OBV line has turned up and the MACD oscillator generated a weekly cover shorts buy signal.

In this Point and Figure chart of the EEM, below, we can see that the area below $38 represents good support. Prices are in a column of "X's" now but there is no upside price target.
Bottom line strategy: I keep hearing on CNBC that the U.S. economy is the best economy out there. Okay, but if the emerging markets are staging a bit of a comeback that tells me that perhaps monies are going into a wider array of markets. Just saying.