""Looking at the charts you mention in 1) & 2) above - MSCI World ex USA & MSCI Emerging Market iShares (EEM US), they remain underperformers, becoming somewhat oversold but we have yet to see evidence that they are finding support from underlying trading. Re 3), I agree that high-beta MSCI Emerging market equities are still underperforming the S&P 500, having resumed their decline recently"

"I was wondering how from a chart characteristic point of view would you assess this index in May 2013, in relation to a long-term investing point of view entrance point?"

David Fuller's view Sure, and as a general comment, one's first impression on looking at a chart is often the best impression.

Looking at this chart of MSCI Emerging Markets divided by the S&P 500, it is still underperforming. However, it has been falling relative to S&P for about two-and-a-half years, and is closer to the 2008 inflection point. Therefore I would not assume that the S&P will continue to outperform over the medium term. Looking at the MSCI Emerging Markets Index on its own, it has lateral resistance near 1100 but I would continue to give the upside the benefit of the doubt provided the sequence of higher reaction lows is maintained.