Emerging Markets have hit an all time high. They have broken above the 2007 high. This is a very bullish sign as they have been languishing for 12 years. And we all know, longer the base, higher in space.
What is more significant is the relative strength chart of Emerging Markets vs SP500. It has broken above a trendline falling from the 2018 top. So we expect outperformance of Emerging Markets vs the SP500.