Yesterday, the iShares JPMorgan Emerging Market Bond ETF ($EMB) broke out from a month-long consolidation of its rally since February. The breakout level also coincided approximately with two other tops in the past 10 months making the breakout more than one of just short-term significance.

The ETF, and asset class, still have long-term work to do following their decimation last May, but this breakout should bring another intermediate-term move higher.