The  S&P 500 Index (IVV) has been on a stellar run this year, gaining over 20% in a little over 7 months and also reaching new all-time highs this last week.

The Latin American market ((ILF)), lagging technically since mid-May, is in the process of forming a bottom at the 34 level. 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. But things may be turning around soon. The index has recorded a -15.60% 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 part of the year. The index now must hold the 34 level for it to hold these gains. If it fails, expect it to test support at the 200-day. The index is up 5.37% for all of 2013.

The Middle East ((GULF)) continues to prosper and supersede expectations, despite tensions throughout the region. Civil strife is running rampant in Egypt, Lebanon, Iraq, Iran and Afghanistan, and a never-ending civil war in Syria continues to dominate headlines. 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 24.07% 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 7.56%.

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, both it looks likely that the bottom is in, as a base is forming at the 42 level. It’s down 3.24% 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. But the index has rebounded and now finds itself above its 50-day moving average after testing support at the 10.30 level. Japan is up 23.08% for all of 2013.