The  S&P 500 Index (IVV) has come down to earth in the last couple of weeks, following a stellar run in which the index gained over 24% in a little over 5 months, reaching new all-time highs in the process. While it still finds itself above short-term support, the index is  forming a wedge pattern, where its downtrend line will soon intersect its upward sloping moving averages. Once this happens, it would soon break out violently in either direction, with momentum playing a role in determining that direction. The S&P 500 is up 15.13% 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, breaking its 50-day and 200-day MA in May before the bottom fell fell off. Given the volatile nature of the commodity markets as of late , and the fact that this region’s economy is uber-dependent on the various commodities, this bearish move down was expected. The index has recorded a -12.43% 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 three months of the year. The index now must break through the 34.50 level for it to hold these gains. If it fails, expect it to test support at the 50-day. The index is up 3.97% for all of 2013.

The Middle East ((GULF)) continues to prosper despite tensions over Iran’s nuclear ambitions, instability in Lebanon, 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, even as the commodity markets correct. 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 25.21% YTD.

After a stellar run into the 30s, Africa’s market ((AFK)) has staggered and formed a downtrend line since the beginning of the year. The turmoil in Mali and Algeria, as well as continued upheaval in Egypt has managed to put a clamp on Africa’s run. Africa is down for the year, losing 8.71%.

A weakened Chinese economy and renewed threats from North Korea have finally taken their toll, as the Pacific x-Japan index ((EPP)) fell off a cliff since the beginning of May. It managed to break both moving averages and major support at the 48 level all in the span of a month. Prospects are not good. It’s dowm 4.18% 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. The index finds itself below its 50-day moving average after testing resistance at the 11.40 level. Japan is up 11.38% for all of 2013.