The S&P 500 ((IVV)) has had a nice run since its June lows, but all that is likely coming to an end, as the impending fiscal cliff ravaged the markets this past week. The index finds itself at a critical stage, having broken the 50-day and 200-day moving average after forming what seems to be a short-term double-top. It currently sits atop support at the 1380 level, but the situation looks precarious at best.

Latin America ((ILF)) is breaking down at a much faster rate than its northern counterpart. This may be due to the region’s reliance on commodities and the world’s weakening demand for the aforementioned. The index finds itself below both the 50-day and 200-day MAs, and broke its short-term up-trend line at 42.50 this past week.

The EMU Index ((EZU)), or the European Economic and Monetary Union, has one of the better-looking charts, as it still sits above its 200-day MA and currently finds itself atop support at the 29.75 level. Despite all the negativity coming from the likes of Greece and Spain, Europe has performed markedly in the past few months.

Russia ((RSX)) reversed course in the last few weeks, as the index broke both moving averages and finally its short-term up-trend line this past week.

The Middle East ((GULF)) continues to hold on despite a seemingly inevitable war over Iran’s nuclear ambitions and an ever-expanding and increasingly bloody civil war in Syria. Add in a brewing Turkish-Syrian and Israeli-Syrian conflict and you would think the markets in the Middle East would be in shambles. It’s just not the case…as of yet.

According to the charts, Africa ((AFK)) is looking like one of the safer markets right now, as it finds itself above both moving averages. But if the global markets continue to correct, look for this index to do the same, reaching support at the 31 level. After that, we’re looking at 29.50.

Despite a weakening economy in China, the Pacific x-Japan index ((EPP)) has performed remarkably. As with Africa, it’s advance seems to be slowing down though. It has traded between the 44 and 46 range for a few weeks now and looks primed to retest the 50-day MA. If that doesn’t hold, 42.50 is the next level down.

Japan ((EWJ))is the worst looking market based solely on technicals. It finds itself under both moving averages and currently sits below its critical upward trendline. If it doesn’t break resistance soon, we might be looking another tumble down.