The  S&P 500 Index (IVV) went on a stellar run this past year, gaining just over 32% on its way to new all-time highs. After staggering for much of this new year, the index held support at the 1815 level and now seems likely to zoom to new highs once again this coming week. The S&P 500 is down half a % YTD.

 

The Latin American market ((ILF)), lagging technically since mid-May, is close to breaking down once again. If the index doesn’t hold these levels, look out below. 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 very likely. The index has recorded a -5.4% loss so far this year.

The EMU Index ((EZU)), or the European Economic and Monetary Union, is on the verge of breaking out to the upside following a volatile first part of the year. The index had significantly outperformed its US counterpart in the past month, after staggering for much of the last quarter of 2013. The index is down 0.47% for all of 2014.

The Middle East ((GULF)) continues to defy the odds, despite tensions throughout the region and a weak commodities market. After breaking out of its ceiling at the 18.50 level, it hasn’t stopped riding higher. The index is up 4.31% YTD.

 

After a stellar run into the 30s, Africa’s market ((AFK)) has formed a short-term downtrend line since the end of October. Continued upheaval in Egypt, Mali, and surrounding Arab states had managed to put a clamp on Africa’s run for much of last year, but the market is really trying to break through. This week will be key. Africa is only down slightly for the year, losing 0.16%.

The Chinese economy, along with the Indian and Southeast Asian economies, have been trending down of late, as the Pacific x-Japan index ((EPP)) broke under the 200-day moving average on its way to support at the 45.50 level. The index risks breaking down if it doesn’t hold this level. The index is down 2.18% YTD.

Japan ((EWJ)) was one of the worst performing markets in 2012 before a monstrous run took hold early last year, 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 down 0.73% for all of 2014.