The EEM is wavering. Each candle on the chart below represents 3 days...the current candle began yesterday. Overlayed on the chart are 2 regression channels. It would appear that 41.66ish could represent a "line in the sand" level for this index to turn bearish in a meaningful way...it is roughly the former neckline of a H&S pattern that broke to the downside in August 2008, is approximately the "mean" of a larger regression channel that began in October 2007, and is approximately a -2 deviation of a shorter regression channel that began in May of 2010...in short, a confluence level and possible turning point.
Perhaps Monday's close of the current candle will shed further light as to whether price remains below the -1 deviation of the shorter regression channel and remains weak for the remainder of the week (and possibly year).
Such a bearish scenario would tie in with my last post below.