Two months after hitting the 1820 level, the S&P 500 Index (IVV) broke through all resistance on its way to new all-time highs at the 2094 level. Only apathy during the holiday season had the ability to slow down the US markets, as evidenced by the 50-day moving average being tested twice in the last two weeks. Let’s see what the new year brings. The S&P 500 was up over 14% in 2014.

The EMU Index ((EZU)), or the European Economic and Monetary Union, may have just broken through an ugly downtrend line that its been mired in for some time. While the news out of Europe is still pretty grim, the market has formed a short-term uptrend line, as long as it can hold the 36 level. The index is down 9.87% for all of 2014.

The Russian Index ((RSX)) has been hit pretty hard by the US-EU-imposed sanctions, and finds itself making new lows. Despite the fact that the market is extremely cheap, if Putin continues to provoke and antagonize expect the index to continue to fall. RSX is down a harsh 47.22% in 2014.

A stronger US dollar and crashing crude oil prices is finally taking its toll on the Middle East Index((GULF)). This despite the fact the the Islamic State is finally being contained in Iraq. The index broke below both MAs as crude prices have fallen over 40% in the last few months. The index is still up 6.88% in the last year though.

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 and is still struggling to hold support. The index has recorded a 12.30% loss last 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. It has lost 13.61% in 2014.

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 just below both moving averages after hitting and failing at the 47 level a few weeks ago. The Pacific x-Japan index ((EPP)) is down 1.94% in 2014.

Japan ((EWJ)) broke down this past week despite the BOJ unexpectedly easing monetary policy a few months ago. Japan is down 6.22% for all of 2014.