David Fuller's view

India’s Sensex Index (weekly & daily) had a big upward dynamic today, commencing near the upper side of the previous small trading range.  This indicates that bulls are still in charge, evidenced by their willingness to pay higher following every reaction since February.  A close beneath 26,400 would be required to alter the consistency of this chart and indicate a somewhat larger reaction and consolidation within India’s bull market.  (See also Eoin’s comments below.)

Denmark and Sweden remain relative strength leaders within European markets.  Denmark is the stronger overall and trading at new all-time highs, while Sweden is approaching its 2000 peak.  Denmark’s relative strength gives it a slightly more consistent chart pattern.  Any of the following would be required to question this rhythmic uptrend: a break in the sequence of higher reaction lows; a pullback clearly larger than the last two seen; a break in the MA for more than two weeks. 

With the help of a weaker yen, Japan is resuming its bull market after a very lengthy consolidation of last year’s very strong initial advance.  The runaway leader is Japan’s Topix 2^nd Section Index, which is currently overextended relative to its MA.  Japan Topix is beginning to follow this lead, slightly ahead of the Nikkei 225.  Clear downward dynamics would be required to delay the onset of another potentially significant upward leg for this bull market. (See also Eoin’s comments below.)