·        Chart 1: EM flows

·        Chart 2: MSCI EM, testing major support

·        Chart 3: JSE Top-40 ($), close to major support

·        Chart 4: JSE SWIX and relative to SA ALBI, spot and relative topping out

·        Chart 5: JSE Indi-25, the rally since April is losing momentum

·        Chart 6: JSE Resi-10, testing important resistance lines

·        Chart 7: MSCi EM Banks, close to major support

·        Chart 8: Euro-$, we expect a rally to 1.20

StrategyNote_180522