Emerging Markets ex-China remains bullish

The iShares MSCI Emerging Markets ex China ETF (EMXC) remains bullish. Holding this week's breakout from a 2-month bullish triangle would continue the advance out of the mid 2021 into mid 2025 big base cup and handle pattern (Jun 16 The Stock Pulse), which was confirmed on the breakout above the 63.25-63.74 area (Sep 11 The Chart Check). The cup and handle pattern projects upside to 77 and 82. The 2-month bullish triangle breakout also projects to 77, reinforcing that target level for EMXC. Staying above the 73.04 to 72.72 would keep the tactical triangle breakout firmly in place.

Chart 1: iShares MSCI Emerging Markets ex China ETF (EMXC)

EMXC has provided leadership relative to the S&P 500 since late February 2025. Holding chart support and the rising 26- and 40-week moving averages relative to the S&P 500 would continue this leadership trend.

Chart 2: iShares MSCI Emerging Markets ex China ETF (EMXC) relative to the S&P 500