Market Update: Up Trend Broken

Due to China raising rates and mortgage repurchase concerns about the banks, the stock markets today broke the strong up trends established since the end of August. Emerging market ETF EEM shows the weakest trend as it stayed below the up channel the whole day. SPY closed below the trend line while IWM closed above trend line despite of intraday violation. The next few days will determine whether the down trend has started. Unless the markets make new highs this week, most likely the top is in.