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U.S. stocks tested 11,000 on the Dow Jones Industrials again. Successfully again.

The Standard & Poor’s 500 Stock Index and the NASDAQ Composite index held near last week’s lows of 1150 for the S&P 500 and 250 for the NASDAQ.

All in all a reasonably promising day, April 28, for U.S. stocks.

Can’t say the same for the rest of the world’s markets.

Stock prices in Greece, Italy, Spain, and Portugal completely broke down today, according to Arthur Hill on The Dow Jones Greece Index (GRDOW) first turned down in October, so nothing terribly surprising in today’s further decline. But after turning negative in January the Dow Jones indexes for Portugal (PTDOW), Italy (ITDOW), and Spain (ESDOW) have all turned even more negative in the last few weeks, according to Hill. While the FTSE Eurotop 100 Index (EUR) was making a new high in April—thanks to stocks from Germany, France, and the Netherlands—stocks in Greece, Portugal, and Spain were making lower lows. (Italy has held up relatively better.)

Stocks aren’t doing any better in some of the world’s biggest emerging markets. China’s Shanghai Stock Composite Index continues to fall. In the last three weeks says Hill, the index has broken below its trend line and has fallen below support at 2900. The low on the index today was 2865 although the index managed to rally and close at 2900.33.

Stock markets in other big emerging economies didn’t do much better. India’s BSE Sensex 30 Index was down 1.76% today. Brazil’s Bovespa managed a 0.22% gain but I’d be surprised if the market holds up tomorrow. Brazil’s central bank is widely expected to announce the first interest rate increase in South America.

In the next few days I’ll be looking to see if uncertainly and falling prices in Europe and in emerging markets work to support U.S. stock prices (as the best of the bunch) or if fear proves contagious.

If I had to bet, I’d bet on the latter.