The US stock market was one bereft of sellers, before a general market sell-off this past week. In mid-November, the S&P 500 ((IVV)) had just finished breaking its 200-day moving average on its way to a multi-year low at the 1343 level. Since then, the index has been on a tear, gaining over 18% in a little over 4 months. It finds itself at a critical stage though, battling to stay above support at its 50-day moving average at the  1545 level, following a wild week for the markets. If the index manages to stay above the 1550 level, look for it to come back and potentially make new all-time highs. If not, 1500 is the next level of support. The S&P 500 is up 9.62% year-to-date.

 

The Latin American market ((ILF)) is breaking down technically. Since the beginning of the year, the index has formed an ugly downtrend line, broken its 50-day MA, and most recently its 200-day MA. Given the volatile nature of the commodity markets as of late , and the fact that this world region is uber-dependent on the various commodities, this bearish move down was expected. The index has recorded a -4.01% loss so far this year.

The EMU Index ((EZU)), or the European Economic and Monetary Union, is also on the verge of breaking down, but not to the degree of Latin America. If it can hold the 32 level, expect it to test resistance at the 50-day MA. If it fails at the 32 level, expect it to test support at the 200-day. The index is down 2.96% for all of 2013.

 

The Middle East ((GULF)) continues to prosper despite tensions over Iran’s nuclear ambitions, instability in Israel, Iraq, and Afghanistan, and a never-ending civil war in Syria. Add in a growing concern over the protection of oil and gas assets following the Algerian terrorist attack and French involvement in Mali and you would think the markets in the Middle East would be at the very least shaken. But 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. Not even a reversal in the price of crude oil over the past few months has dampened spirits in this market. The index is up 13.24% YTD.

 

After a stellar run into the 30s, Africa’s market ((AFK)) has literally fallen off a cliff this past week after sputtering throughout the year. The index found itself in a trading range from 30 to 31 before completely falling off the map. The turmoil in Mali and Algeria, as well as continued upheavel in Egypt has managed to put a clamp on Africa’s run. The index finds itself under both moving averages, and is down for the year, losing -8.52%.

 

Despite a weakened Chinese economy and renewed threats and a successful nuclear test from North Korea, the Pacific x-Japan index ((EPP)) has performed remarkably. It has traded between the 43 and 45 range for a few months before finally blowing through the 45.25 level in December. Since then, the index shot up more than 10%, but now finds itself in a precarious state. After forming what looks to be a double top, the index broke support at the 50-day MA. It is up 4.01% YTD.

 

Japan ((EWJ)) was one of the worst performing markets in 2012 before a monstrous run took hold beginning in mid-November. The index finds itself above both moving averages after retesting support in the beginning of April. Look for this bullish trend to continue. The index is up 16.31% for all of 2013, the best performing market.