It looks like geopolitical events in Ukraine, Iraq, and Syria are finally taking their toll on the world’s markets. After making new all-time highs just two weeks ago, the S&P 500 Index (IVV) broke through the 2000 level and then its 50-day moving average.  It bounced off support towards the end of last week, and now is sure to test resistance at the 1975 level this coming week. The S&P 500 is up 8.03% YTD.

The EMU Index ((EZU)), or the European Economic and Monetary Union, has broken its short-term trend line and both moving averages in the last two months. News out of Europe are pretty grim right now. It looks like it’s the end of the line for the once-heavily-favored European stocks. The index is down 7.83% for all of 2014.

The Russian Index ((RSX)) finds itself at support at the 21.60 level but below both moving averages. If Russia continues to provoke and antagonize, expect the index to fail at these levels. RSX is down a harsh 23.31% year-to-date.

Despite a strong US dollar, crashing crude oil prices, and the IS caliphate raiding the region, the Middle East Index((GULF)) is still as strong as ever. The index is up 26.05% YTD.

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. The index has recorded a 0.25% loss so far 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.  Africa is now down for the year, losing 0.61%.

The Chinese economy, along with the Indian and Southeast Asian economies, had been trending up before succumbing to the strong US dollar. It now finds itself below both moving averages. The Pacific x-Japan index ((EPP)) is up 0.35% YTD.

Japan ((EWJ)) broke out to the upside in late May and now finds itslef consolidating those gains. It must now climb and hold above the its moving averages in order to continue its run. Japan is down 4.62% for all of 2014.