Has the much-anticipated correction finally arrived? After trading within a range of 150 or so points, the S&P 500 Index (IVV) just fell off a cliff in the last week, decisively breaking the 200-day moving average as well as the psychologically important 2000 level. The S&P 500 is now down 2.89% year-to-date.

The EMU Index ((EZU)), or the European Economic and Monetary Union, collapsed along with the rest of the global markets. The index is still up slightly for all of 2015, up only 0.71%.

After a huge “irrationally exuberant” run into April, the Chinese markets ((FXI)) plunged over 30%, breaking both MAs and forming the dreaded death cross technical indicator in the process. The China Large Cap index is down 11.70% in 2015.

The Russian Index ((RSX)) has been hit pretty hard by the collapse in the price of crude oil and by the US-EU-imposed sanctions. It is mired in an ugly downtrend line and after once-again breaking support; this time at the 16 level. RSX is only up 2.53% in 2015 after a spectacular first half of the year.

A stronger US dollar, civil war affecting just about the whole region, and crashing crude oil prices are just a few of the things the Middle East Index ((GULF)) has to contend with. The index may be looking at new lows in the near future. The supply of crude oil is probably the biggest driving factor of this market, and that is still a net negative for the index, especially with Iran coming to the market soon. The index is down 7.32% since the beginning of the year.

Another region hit hard by the commodity bust. The Latin American market ((ILF)) broke down in May and again in July after an impressive recovery from its March lows. It now finds itself below support at the 26 level. It has moved concurrently with the crashing commodities market and is still struggling to hold any support. The index has recorded a loss of 24.04% this year.

Africa’s market ((AFK)) has managed to grind higher for most of 2014. But continued upheaval in Northern Africa, coupled with a weak global economy, has finally dampened Africa’s run. It is down 21.43% for 2015 after a tough last month.

Japan ((EWJ)) is no longer holding onto gains that were made after the BOJ unexpectedly eased monetary policy in the beginning of the year. Japan is up 6.58% YTD, the best performing market.