Despite a somewhat volatile week, the  S&P 500 Index (IVV) barely came off of its all-time highs set in the beginning of July. The index has staggered in the last week as a result of the unforgivable Malaysia 17 incident and Russia’s perceived involvement, and with news of the ground invasion in Gaza by Israeli forces. Rocky road ahead? The S&P 500 is up 8.14% YTD.

The EMU Index ((EZU)), or the European Economic and Monetary Union, has broken its short-term trend line and is now testing major support at the 40 level. Is it the end of the line for the heavily-favored European stocks? The index has underperformed its US counterpart for much of the last year, and is up only 1.28% for all of 2014.

The Russian Index ((RSX)) took quite a beating this past week. Whether they actually pulled the trigger, or “only” supplied and facilitated, Russian involvement in the Ukranian air disaster is all but guaranteed. And the world is furious. RSX is down a harsh 12.37% year-to-date.

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. Neither is a renewed struggle in Gaza. The index is up 19.35% YTD.

The Latin American market ((ILF)) 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. It hasn’t stopped going higher. The index has recorded a 10.47% gain so far this year.

Africa’s market ((AFK)) has managed to grind higher for most of 2014. Continued upheaval in Northern Africa and a weak global economy hasn’t managed to dampen Africa’s run for much of last year, and the market is really trying to break through.  Africa is up for the year, gaining 8.60%.

n

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.l. The Pacific x-Japan index ((EPP)) managed to hold support at the 50-day moving average a few times over the past month. The index is up 9.40% YTD after a torrid 1st quarter.

Japan ((EWJ)) brought out to the upside in late May and hasn’t looked back since. It now finds itself above both moving averages, and likely will have to test them if it wants to continue this run. Japan is up 0.53% for all of 2014.