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 13% in a little over 3 months. It finds itself at a critical stage though, battling to stay above support at 1500 level following a wild week for the markets. If the index manages to stay above the 1500 level, look for it to test 1530 on its way to making new highs. If not, 1475 is the next level of support. The S&P 500 is up 6.63% year-to-date.

The Latin American market ((ILF)) scorching run has come to a sudden halt, as the index broke down technically. Over the course of the last month, the index broke its upward trend line as well as its 50-day moving average. It did manage to hold support at the 43 level, which is a huge positive in the short-term. The index has recorded a -0.39% loss so far this year.

The EMU Index ((EZU)), or the European Economic and Monetary Union, has also broken down, but not to the degree of Latin America. This coming week will be key to the future direction of the index, as it finds itself directly below both its uptrend line and its 50-day MA. The index is up only 0.27% for all of 2013.

The Middle East ((GULF)) continues to prosper despite tensions over Iran’s nuclear ambitions, instability in Israel and Afghanistan, and an increasingly bloody 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 beat the very least shaken. But nothing seems to quell these markets, as the world’s insatiable demand for crude has created a floor for which any downward movement quickly diminishes and reverses. The index is up 8.57% YTD.

After a stellar run into the 30s, Africa’s market ((AFK)) has finally leveled off, and now finds itself in a trading range from 30 to 32. The turmoil in Mali and Algeria, as well as continued upheavel in Egypt has managed to to a clamp on Africa’s run. The index finds itself under its 50-day MA, and is down for the year, losing -1.56%.

Despite a weakened Chinese economy 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 has not let up. It is up 4.94% YTD.

Japan ((EWJ)) was one of the worst performing markets in 2012 before a monstrous two-month run took hold beginning in mid-November. The index finds itself above both moving averages after retesting lows set in July, and now seems to be trading in a range following its breakout. Look for this bullish trend to continue. The index is up 3.90% for all of 2013.