"re the ES and NQ action yesterday i believe that price analysis without volume is meaningless and the volume yesterday was pathetic. and very poor on the up days last week. i consider that it is only the small improvement in the us dlr DX that is holding up the stock market. without the us market holding things up world prices could plunge."

David Fuller's view I would expect volume to be light in August more often than not. However, Wall Street's volume was heavy on the downside and light on the technical rally, as you point out.

We have recently seen a plunge in stock markets. I am hoping that we can avoid another one but if not, the key warning is likely to come from the European equivalent of the Ted Spread, because the EU is at the epicentre of global financial concerns. It has certainly risen recently, albeit not to 2008 heights, and further gains would indicate an intensifying European crisis.