David Fuller's view Price charts provide a reality check, in terms of supply and demand, in markets where theories and biases abound.

Here is a short list of some other stock market indices that have lost momentum recently and / or shown downward dynamics. Note: these are daily price charts covering one year: Australia, India, New Zealand, Vietnam, Euro STOXX 50, Italy, Spain, Germany, France, Netherlands, UK, USA (SPX & TRAN), Canada, Mexico and Brazil.

Hopefully, many of these will only experience reactions of approximately 10%. However, that would be a best case outlook and downside leaders, including several European indices and Brazil, are likely to see bigger corrections. Also, China's credit tightening, while a responsible decision for the medium to longer term, may unsettle some other markets.

There are also relative strength holdouts, to date, such as the Philippines and Thailand, but it is very unlikely that they will avoid some mean reversion over the next few weeks (best viewed for perspective on weekly charts) given the current upside overextensions.