Following the Draghi and the ECB’s decision to cut rates, the  S&P 500 Index (IVV) has broken out of its range to make new all-time highs. The index has staggered at the 1900 level over the past three months before  breaking out his past week. While it finds itself under overbought conditions in the short-term, look for it to come down to the 1920 level before likely making a run to 2000. The S&P 500 is up 6.38% YTD.

The Latin American market ((ILF)), lagging technically for about a year now, broke out in March in emphatic fashion. It broke through both the 50-day and the 200-day moving averages on its way to a 18% gain in a little over a month and a half. In the past week, it tested support and now looks likely to hit new highs for the year. The index has recorded a 3.94% gain so far this year.

The EMU Index ((EZU)), or the European Economic and Monetary Union, also broke out to the upside following a volatile first part of the year. The index has outperformed its US counterpart in the past six months, after staggering for much of the last quarter of 2013. It now finds itself just above its tight trading range, after this past weeks breakout. The index is up 6.79% for all of 2014.

The Middle East Index((GULF)) looks tired and seems to be running out of gas (pun intended), after several years of solid gains. A strengthening US Dollar is not helping the cause. It must ride through the 24 level if it wants to continue its run to new highs. The index is up 20.94% YTD.

After a hiccup at the end of the last quarter of 2013, Africa’s market ((AFK)) has managed to form a short-term uptrend line and has ridden higher for most of 2014. Continued upheaval in Northern Africa and a weakening global economy has managed to dampen Africa’s run for much of last year, but the market is really trying to break through.  Africa is up for the year, gaining 7.89%.

The Chinese economy, along with the Indian and Southeast Asian economies, have been trending up of late and now find themselves above short-term support at the 48.50 level and right at resistance at the 50 level. The Pacific x-Japan index ((EPP)) managed to hold support at both moving averages in the past month on its way to forming this new uptrend. The index is up 7.08% YTD after a torrid February and March.

Japan ((EWJ)) was one of the best performing markets in 2013 before staggering for much of the end of the year. That all came crashing down in mid-January though, as the index lost 10%  in a little over a week. The index continued its fall until mid-May, when it gained a little under 7% in less than a month. The index now finds itself above both moving averages. Japan is down 2.71% for all of 2014.