Below are a few early Friday index charts worth revisiting as the Trade War “panic” goes inverted.

QQQ bounced off the 50 day average and the trend since early April.

A close here or higher and this looks like a breakaway gap. Trade War shorts are feeling the pain. Let’s see if this market has the steam to revisit recent highs approximately 2% higher.

SPY managed bouncing on the trend line from April and is also putting in a break away gap should we close here or higher. First level to watch is 275 and then 280.

Emerging Market ETF, EEM US, has been a real dog and the trend is still sharply downward but note the relatively strong price action today.

Watch this one carefully. A possible close above the steep down trend (red line) and this space could be setting up for a violent bounce higher.

China ETF, FXI US, is beaten down but sitting currently at big levels.

Watch this one carefully as well as a possible bounce could be rather big.

One month percentage performance of the assets above.

Source: charts by Bloomberg