Market Trading Ranges

Emerging market ETF EEM is the strongest of all markets. It's still in an up channel although momentum is fading lately. If it breaks 08/02's high of 42.59 this week, there is more upside.

 

SPY is forming a rising wedge as the trading range is getting narrower by the day. The 06/21 high of 113.20 proves to be strong resistance so far.

Smaller cap ETF IWM is the weakest lately, stuck within a symmetrical triangle and still way below its 06/21 high and even the high reached on 07/27. As the triangle lines are converging, it's going to break out one way or the other. Also, IWM is the latest victim of the ominous death cross of 50MA crossing 200MA to the downside.