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As the end of the year approaches, there are a couple of charts that foreshadow what we should expect in 2016.

The first chart of importance is Vanguard FTSE All-World ex-US ETF (VEU) - Get Vanguard FTSE All-World ex-US Index Fund Report , an exchange-traded fund that tracks stocks in developing and emerging markets outside the U.S. Since the financial crisis, the world has experienced slower growth and falling commodity prices. This has weighed on emerging and developed economies alike. Even as this has happened, equity markets have risen on accommodative monetary policies.

With the U.S. Federal Reserve expected to tighten interest rates further next year following last week's rate hike, the world must face the fact that higher rates are coming in the U.S. without a significant catalyst to economic growth. The Vanguard FTSE All-World ex-US ETF is pricing in the capitulation of global markets, and with a near 7% decline in 2015, global equity markets could sell off further in the coming year.

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Courtesy of Stockcharts.com

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Alongside weakening global markets, the Guggenheim S&P 500 Equal Weight (RSP) - Get Invesco S&P 500 Equal Weight ETF Report similarly weakened in 2015. This ETF, which gives equal weighting to the stocks in the S&P 500, provides a good representation of the largest U.S. corporations. In the early part of 2015, this ETF trended sideways, awaiting both a decision by the Federal Reserve, as well as economic developments in China and Europe.

When economic and market news from China turned ugly in August, the Guggenheim S&P 500 Equal Weight sold off heavily. Although there has been a minor recovery in the ETF, it still faces considerable overhead selling resistance.

The world must adjust to record low commodities prices and tighter U.S. monetary policy in 2016, which could add to financial market volatility. Useful indicators of financial market health, such as these two ETFs, have already begun to roll over at elevated valuations. Although we are not on the verge of crisis, this adjustment to a new normal may lead equities lower over the next year.

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Courtesy of Stockcharts.com

This article is commentary by an independent contributor. At the time of publication, the author held no positions in the stocks mentioned.