The  S&P 500 Index (IVV) has been on a stellar run this year, gaining just over 20% in a little over 10 months while also reaching new all-time highs in mid-September. After a close to 5% drop in last month’s market action, the market reversed course this past week, gaining close to 50 points in two trading days. After holding support at the 1650 level, the index broke above its 50-day moving average and now looks likely to test its all-time high level at 1730, if only Washington can cooperate. The S&P 500 is up 21.37% YTD.

The Latin American market ((ILF)), lagging technically since mid-May, is in the process of forming a bottom at the 34 level. In the first part of the year, the index formed an ugly downtrend line, breaking its 50-day and 200-day MA in May before the bottom fell fell off. Given the bearish nature of the commodity markets as of late, and the fact that this region’s economy is uber-dependent on the various commodities, this move down was expected. But things have turned around beginning in July, as the index traded sideways for a few months before breaking through its 50-day MA on its way to resistance at the 200. The index has recorded a -8.15% loss so far this year.

The EMU Index ((EZU)), or the European Economic and Monetary Union, broke out to the upside following a volatile first part of the year. The index has significantly outperformed its US counterpart in the last few months, and now seems likely to continue this upward trajectory as it broke out to new multi-year highs in the past week. The index is up 18.53% for all of 2013.

The Middle East ((GULF)) continues to defy the odds, despite tensions throughout the region and a weak commodities market. Given all the turmoil that transpires in the region, from Egypt’s calamitous coup to war in (insert country’s name here), you would think the markets in the Middle East would be at the very least shaken. But no, nothing seems to tire this market, as the world’s insatiable demand for crude has created a floor for which any downward movement quickly diminishes and reverses. The index is up 26.62% YTD.

After a stellar run into the 30s, Africa’s market ((AFK)) literally fell off the face of the Earth in June, dropping over 16% in less than a month. Continued upheaval in Egypt, Mali, and surrounding Arab states had managed to put a clamp on Africa’s run. But since June Africa has formed a nice uptrend line, breaking through both moving averages on its way to pre-June highs. Africa is only down slightly for the year, losing 1.95%.

The Chinese economy, along with the Indian and Southeast Asian economies, seem to have finally turned the corner, as the Pacific x-Japan index ((EPP)) broke out to the upside in the last month. The index has managed to break both moving averages and then hold support at the 47 level, keeping the uptrend line intact. It’s also forming a golden cross, where the 50-day crosses over the 200-day MA on its way up. The index is up 5.73% YTD.

Japan ((EWJ)) was one of the worst performing markets in 2012 before a monstrous run took hold beginning in mid-November, fueled by the BOJ and its continued efforts to devalue the Yen. That all came crashing down in mid-May though, as the index lost over 15%  in a little over 2 weeks. While it has bounced up some since, the index has been waffling around and now finds itself just above its 50-day MA again. If it manages to break the 12-12.15 level, the index could be in for a nice run up. Japan is up 22.98% for all of 2013.