I was expecting a dip in the market that would allow another buying opportunity but this market just continues melting higher! A couple of important index ETF's are at critical support levels.
It broke through a resistance level four session ago (a move that left me quite surprised) made up of lower highs in June and July and now finds itself at the exact level of the most recent high in June at $60.00. A move above this level should be taken as a high risk buy signal as the market is quite overbought at this point.
China ETF FXI looks pretty terrifying and exhilarating at the same time. I've drawn in a proposed bearish ascending wedge but I'm not married to it. The resistance and support lines of the wedge could be used as buy and sell signals but the configuration of the EMA's look like this is going to start pulling away to the upside.
The configuration of EEM on the charts right now looks identical to gold a few months ago when I thought it looked over-bought but didn't retrace and just melted up. I think EEM is going to do the same thing and the long/buy signal is still in place. Target is $40.15 at the moment.