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 1740 level before approaching the all-time high at the 1850 level. This coming week will be key for where the markets will ultimately head. If it doesn’t break through to new highs, it will have formed a dreaded triple top. In that case, look out below. The S&P 500 is down 0.31% YTD.

The Latin American market ((ILF)), lagging technically since mid-May, is close to breaking down once again. If the index doesn’t break through the 34 level, things won’t be pretty. Given the bullish nature of the commodity markets as of late, and the fact that this region’s economy is uber-dependent on the various commodities, this scenario is not completely out of the realm. The index has recorded a -8.37% 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 up 0.77% for all of 2014.

The Middle East ((GULF)) continues to defy the odds, despite tensions throughout the region and a weak, albeit strengthening, crude oil market. After breaking out at the 18.50 level, it hasn’t stopped riding higher. The index is up 12.60% 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 Northern Africa and a weakening global economy has 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 also be key. Africa is only down slightly for the year, losing 0.81%.

The Chinese economy, along with the Indian and Southeast Asian economies, have been trending up of late, but find themselves directly under strong short-term resistance at the 47 level. The Pacific x-Japan index ((EPP)) broke through both moving averages on its way to that 47 level. The index is up 0.39% YTD after a torrid February.

Japan ((EWJ)) was one of the best performing markets in 2013 before staggering for much of the end of the year. That all came crashing down in mid-January though, as the index lost 10%  in a little over a week. While it has bounced up some since, the index now finds itself under both moving averages. If it fails to break the 11.60-11.70 level, the index could be in for a rough downdraft. Japan is down 5.18% for all of 2014.