Eoin Treacy's view Spain - downward dynamic as the Index encounters resistance below the 200-day moving average. A sustained move back above 11,000 is now required to question scope for further downside. The DJ Euro Stoxx Banks Index has a similar pattern.

UK FTSE-100 - rallied impressively from 5000 three weeks ago but posted a downside key day reversal today. The medium-term upside can continue to be given the benefit of the doubt provided it holds above that area. The FTSE-350 Banks Index has rallied to test the five-month progression of incrementally lower rally highs and needs to sustain a move above 5000 to indicate the demand has returned to dominance.

S&P500 - found support above the psychological 1000 level four weeks ago and would need to sustain a move below that level to question scope for further ranging below the recent recovery high near 1150.

Germany - The Index posted a downside weekly key reversal from the region of 6000 in January to cap the advance in the medium-term. It has since pulled back to test the November low which coincides with the 200-day moving average and a sustained move below 5400 would be required to suggest a lengthier correction is unfolding.

Denmark - a second downside key day reversal from the region of 360 this month suggests a new closing high is now required to reaffirm the uptrend and offset scope for a retest of at least 340.

Taiwan - bounced well from the region of the 200-day moving average but needs to sustain the advance to retain recovery potential. A sustained move below 7200 would break the progression of higher lows, push back into the previous June - September range and likely signal a lengthier corrective phase is unfolding.

Copper - encounters resistance below the below the January high near 350¢ and needs to consolidate above 275¢ to sustain the medium-term bullish outlook

Palladium - downside key day reversal from the region of the psychological $450 and needs to sustain a move above that area to indicate demand is returning to dominance.

US Dollar per 1 Euro - The Euro falls back to retest $1.35 while it has experienced some loss of downside momentum it needs a move above $1.38 to check the decline beyond a brief pause.

In conclusion, a large number of stock market indices and industrial commodities have unwound short-term oversold conditions and bounced from their 200-day moving averages this month. They will need to find support above their most recent reaction lows if the best case scenario of a reassertion of their medium-term uptrends is to remain credible.