Emerging Markets: Pullback or Rollover

It's been awhile since we've seen a meaty pullback in the emerging markets area. This group lead us higher, so will it also lead us lower?

Looking over the iShares MSCI Emerging Markets Index Fund ETF (EEM) (especially utilizing a 2 period RSI coupled with the modified ATR trailing stop) we're testing a key level in today's session. The last time we saw the RSI this oversold was back in April which offered an attractive risk/reward pullback setup. If the rally in emerging markets is going to continue, watch for a snapper soon.

Among many other things, something I'll be keeping front and center on my radar over the next few days.