Since November of 2014, the S&P 500 Index (IVV) has been traded within a range of 150 or so points. During that time, it has broken the 50-day moving average a total of 5 times, but has yet to break support at the 200. And this coming week might see us test that 200-day moving average again if we can’t clear the 2060 level. The S&P 500 is flat for the year, with a gain of only 0.19% year-to-date.

The EMU Index ((EZU)), or the European Economic and Monetary Union, may have finally broken through an ugly downtrend line that its been mired in for some time. The news out of Europe is improving slightly, except for the ascension of a new radical government in Greece, and the market has responded as a result, forming a short-term uptrend line. It must stay above the 37.25 level though. The index is up 3.39% for all of 2015.

The Russian Index ((RSX)) has been hit pretty hard by the US-EU-imposed sanctions, and after an initial bounce above the 50-day MA following a dramatic sell-off, the index looks likely to break down again, with an initial target of the 14.50 level. This despite the fact that the market is extremely cheap. If only Putin could stop from continuing to provoke and antagonize the West, this could have room to run. RSX is up a healthy 9.02% in 2015 after a harsh 2014 where it saw a 50% decline.

A stronger US dollar and crashing crude oil prices finally took its toll on the Middle East Index((GULF)). The index broke below both MAs as crude prices have fallen over 40% in the last few months. It had recovered some in the last month as the price of crude has stabilized and recent victories against the Islamic State, but a leg lower could be in order. The index is down slightly at 0.39% since the beginning of the year.

The Latin American market ((ILF)) broke down in September in emphatic fashion. It broke through both the 50-day and the 200-day moving averages on its way to a 15% loss in a little over a month. It was moved concurrently with the crashing commodities market and is still struggling to hold any support. Just like with most international markets, the Latin American Index has suffered greatly with the rise in the US Dollar. The index has recorded an 11.85% loss this year.

Africa’s market ((AFK)) has managed to grind higher for most of 2014. But the deadly Ebola outbreak and continued upheaval in Northern Africa, coupled with a weak global economy, has finally dampened Africa’s run. It is down 5.33% for 2015.

The Chinese, Indian and Southeast Asian markets have been trading unevenly since the start of the year. The index of those economies now finds itself just below the 50-day moving average but seems to be holding the 44 level. The Pacific x-Japan index ((EPP)) is up 1.11% in 2015.

Japan ((EWJ)) broke out again this past week after the BOJ unexpectedly eased monetary policy a few months ago. Japan is up 11.03% YTD.