Emerging Markets relative to SPY at historic support

Emerging Markets have lagged the SPY for a decade. That trend could change going forward. See the chart below:

Emerging Markets had a stellar bull run from 2002-2019. Since then they have gone nowhere. The relative strength vs SPY has been trending down and way below the 50 month Moving Average.

This ratio has hit a historic low going back to 2002. It seems to have bounced from this support. If this holds and we conquer the 50 month MA, it could be a very long secular trend for Emerging Markets.

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