· 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