The world markets have been in a state of flux since the beginning of summer, as the European debt crisis hit its stride and economic indicators worsened at home and abroad, especially in China. The adage “sell in May and go away” has proven true thus far, but there is a silver lining for those that dare dab in the markets: it’s called the classic buying opportunity. Buy when others won’t. Despite all the negativity in the markets, the S&P 500 managed to hold its 50-day moving average before rebounding in the last week. Look for some follow-through this coming week, despite upcoming resistance overhead. The S&P 500 has returned 9.56% so far this year.

Latin America has suffered steep losses, as weakening demand for commodities and a strengthening US dollar wreaked havoc in the resource-dependent region. But as the region learns to diversify its economies, and with demand in China stabilizing, prospects are a tad better for Latin America. The index has returned -1.13% YTD.

The EMU Index, or the European Economic and Monetary Union, broke down technically, and is now in the process of establishing a bottom. Unfortunately, it still finds itself below the 50 and 200-day MAs. Until things change fundamentally in Europe, expect this index to be stagnant. The EMU Index is up 1.36% YTD.

Eastern Europe has performed markedly better than its Western counterpart. It is riding its newly formed uptrend line and crossed the 50-day MA in the last week. It is up 3.16% for the year.

Technically, the charts for Russia look a lot like Eastern Europe. The only problem is that Russia’s economy is more resource-dependent than most, so its fall from the top has been steeper. It is negative for the year, down 1.84% YTD.

Geopolitical strife and new reform-minded governments. Civil war and tumbling crude prices. Nuclear tensions and the threat of a Persian Gulf blockade. With the Middle East contending with so much right now, it’s amazing that the market hasn’t completely fallen by the wayside. That’s probably testament to the world’s insatiable appetite for black gold. The Gulf States do find themselves behind a bit, as its under both the 50 and 200-day MAs. Collectively, they are down 0.28% for the year.

Africa is one of the better performers worldwide. Technically, the index is above its 200-day MA and just below the 50-day. If it manages to pierce through, look out above. The index is up 8% for the year.

Pacific x-Japan bounced off support this past week, and now finds itself above both the 50 and 200. EPP looks solid technically, but resistance lies ahead. The index is up 7.03% YTD.

Japan has returned 4.30% for the year.