The Unwind could be on to something big. The weekly Emerging market - EEM has just finished a bounce and appears to have started a new down wave.
Weekly just had a cross over and the weekly is still not in the over sold zone.
The Emerging markets which tracked the SPX from 2016 to early 2018 is now significantly under performing both the US stock market and most other large national stock markets.
In the next few weeks SPX may start joining EEM to the downside.