David Fuller's view

The Dow Jones Industrial Average has resumed its upward trend following another ranging consolidation and test of the trend mean approximated by the 200-day moving average.  A close beneath 16,000 would be required to question higher scope.

The Dow Jones Transports Average has a similar pattern, although trading at a level relative to the MA which has been followed by reactions since 2013.  

The DJ Euro STOXX 50 Index has been gradually pushing above its highs since 2010 and 2011, and a close beneath 3000 would be required to question its overall uptrend consistency.

BHP Billiton and Rio Tinto show the large ‘sleeper’ ranging formations often developed by cyclical shares which are usually late performers in the latter stages of bull markets.  BHP has the slightly better relative performance at present and a weekly close above 2000 would indicate scope for at least a test of the 2012 and 2013 highs near 2250.  (See also Eoin’s comments on mining shares below.)

India National (Nifty 50) (weekly & daily) is temporarily overbought before the election result is announced this Friday.  However, an overall majority victory, requiring 272 seats by Narendra Modi’s BJP-led National Democratic Alliance should cushion downward risk and a close beneath 6000 would be required to question medium to longer-term upside scope supported by underlying trading.