Emerging Markets Reversal at Top, SPY Fails Again, XME Looking Shortable Soon

Last week I posted the failures in major indexes. I missed emerging markets, the EEM fund also reversed lower after breaking its old high intraday. SPY has failed again. More interesting is XME because if it fails around $30 it will signal the inflation narrative is taking damage. Copper is also a failed breakout at the moment. Of the major indexes, I'm mostly short the Nasdaq, specifically the NDX via QQQ, with a small short in the Russell 2000.