In recent weeks, if not months, I've seen plenty of calls in support of emerging markets. After a decade of lagging performance, it was time for the pendulum to swing in their favor.

Or was it?

Right now, commodities are still mostly weak and the U.S. dollar is mostly strong. That's not the recipe for a third-world rally.

Let's let the charts do the talking:

This is the emerging markets ETF and the only thing going for it is a bullish RSI divergence. The trend is down, resistance intact and price is below the 50-day average.

Where did people see this as coming back into favor? Beats me.

Not surprisingly, China looks pretty much the same. So does Hong Kong.

How about India? Not much different.

Brazil has the one chart that looks bullish. A pair of breakouts, price above the major averages and even a pending golden cross for those of you who still believe in them.

So it's Latin America, right? Um, no. Mexico has monster volatility in recent sessions. Maybe we see Chile stabilizing. But the rest are in bearish trends.

The conclusion is that emerging markets, with the exception of Brazil, went back into their caves.