well, in the days gone by we would have worried about them - because of the 'Emerging Market Contagion' phenomenon (remember that one from the nineties?). Those were the days when all emerging markets got painted with the same brush. But markets are way more sophisticated now.
I just think that because alsh,topi,dj-ind,sp500, have all broken fairly strong supports and are just bouncing back towards that level (now resistance). If they don't break through they could all come down quite sharply again. Also the negative divergences on the weekly and monthly charts.
Could the Dow be in danger of breaching its 200 days Moving Average (16334)? The Dow has touch and bounce off its 200 days MA twice in the past year. However, the S&P 500 still looks safe from its 200 Days MA (1860)for now.