The S&P 500 hit its highest levels since 2008, thanks in large part to the ECB’s unlimited bond buying plan and the expectation of further easing from the Federal Reserve. The index is comfortably above both its 50-day moving average and its 200-day MA, but might be a bit oversold in the very short-term. The S&P 500 has returned 13.67% year-to-date.

Latin America has suffered steep losses, as weakening demand for commodities in China and a strengthening US dollar wreaked havoc in the resource-dependent region. Prospects can improve if the Fed continues to ease monetary policy, which seems likely. The index still finds itself at resistance, under the 200-day MA. It has returned -0.82% this year.

The EMU Index, or the European Economic and Monetary Union, broke out technically, breaking through both the 50-day and 200-day MA recently. The European index has returned 7.01% YTD.

Eastern Europe has trailed its Western counterpart in performance. While the index has also broken out technically, it has returned only 5.66% in 2012. Look for the index, as well as most world markets, to pull back in the short-term.

Russia’s economy is driven mostly by commodities, and as a result, hasn’t performed on par with the rest of the developed world. The index is up 1.50% YTD.

Geopolitical strife in the Middle East, civil war in Syria, and nuclear tensions in Iran. It’s remarkable that the regional index is actually up for the year, at 1.77%. That’s probably testament to the world’s insatiable appetite for black gold. Let’s rephrase that. It is testament to the Central Banks’ only ill-advised answer to propping up economies. Growth by means of inflation.

Africa is one of the better performers worldwide. The index is up 15.18% YTD.

Despite a weakening economy in China, the Pacific x-Japan index has performed remarkably. The index is above both its 50-day and 200-day MAs, and has returned 13.93% YTD, more than the US markets. That, despite the fact that the Chinese market is down close to 3% for the year.

Japan is the worst looking market technically. It is under both moving averages, and still seems to be establishing a bottom, a bottom that was established by most markets earlier this year. Despite the nice run-up that the global markets enjoyed this past week, Japan still finds itself under heavy resistance. The index is up only 0.42% this year.