Since the beginning of the year, the S&P 500 Index (IVV) has been trading within a range of 150 or so points; just bouncing from one end of the range to the other, sometimes in dramatic fashion. Last week it did more of the same, bouncing off the 200-day MA before hitting resistance at the 2115 level. The S&P 500 is up 3.43% year-to-date.

The EMU Index ((EZU)), or the European Economic and Monetary Union, is just holding onto support above the 50-day moving average after managing to bounce back (at least temporarily) after a disastrous early July. The index is up 8.36% for all of 2015.

After a huge “irrationally exuberant” run into April, the Chinese markets ((FXI)) plunged over 20%, breaking both MAs in the process. We could be in for another move lower if the index can’t get hold support at the 40.40 level. The China Large Cap index is down 2.24% 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 must hold support at the 16.5 level if it wants to put an end to its move lower. RSX is up a solid 15.99% in 2015 after a harsh 2014 where it saw a 50% decline.

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. Despite the headwinds, the index is only down 0.90% 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 right below support at the 27.50 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 13.81% 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 13.61% for 2015 after a tough last month.

Japan ((EWJ)) is holding onto gains after the BOJ unexpectedly eased monetary policy in the beginning of the year. Japan is up 15.62% YTD, the second best performing market.