Eoin Treacy's view The number of indices either hitting new highs or pushing back above their respective 200-day MAs continues to increase. National indices hitting new low generally represent countries with the greatest sovereign debt burdens.

The Philippines was the first country index to hit a new high and South Africa quickly followed suit. From the perspective of internationally oriented investors, these two markets are also likely to be of interest because their respective currencies, the Peso and Rand, have found at least short-term support against the US Dollar. Breaks of the Dollar's progression of higher reaction lows would confirm a return to medium underperformance.

Both the Latin America and Asian Dollar indices have also rallied to test their respective 200-day MAs. Sustained moves above them would bolster the medium-term bullish outlook for the currencies concerned.