The market dynamics exhibits extremely turbulent behaviors around the financial crisis point．The correct locating of financial crisis point is the key step of distinguishing the multifractal properties of stock market both before and after financial crisis．Comparing with other methods，the wavelet transform modulus maxima ( WTMM) method has its advantages in detecting the outliers and indentifying the multifractal properties in financial markets．The time points of financial crisis are identified though the maxima lines of DJI and TPX indices，which are estimated by WTMMThe multifractal analysis of DJI is further performed around the time points where the outliers are detected．From our analysis，the WTMM is found to be capable of not only on correctly locating the time point of financial crisis，but also characterizing the evolution of the multifractal features both before and after financial crisis．Our empirical results also verify the Fractal Market Hypothesis (FMH) on the causes of market crash and provide a new idea for financial risk management．