David Fuller's view China (SHCOMP) - This influential and sometimes leading market has been ranging since its correction in August but has pushed back above the psychological 3000 level and the rising 200-day moving average since reopening this week following the Chinese New Year. Consequently it is still trading above the upside key day reversal evident on 3rd February. A close beneath that day's low near 2890 remains necessary to negate current scope for sideways to higher ranging.

(Note: subscribers interested in key day reversals can see a number of them on the daily chart above and I will point out the other more recent ones, working backwards. To confirm that you have correctly identified the keys yourself, enter the Chart Library and select the same chart, then click on the 'Tracking On' link in the charcoal bar above the graph. There was a small downside key on 4th January, an emphatic one at the rally high on 24th November, an upside key on 2nd November, a downside key on 18th September and most important of all, a dramatic downside key on 29th July. To read more about key reversals which also occur on a weekly and occasionally monthly basis, Search the historic Archive under 'key'. This subject is also a feature at The Chart Seminar.)

Thailand (SET) - Although still rangebound, Thailand's SET has steadied above its MA and is back above the psychological 700 level. A fall back beneath 700 would now be required to question current scope for a further rally towards the October and January highs. Students of key reversals will note the small downside key near 750 on 15th January and the weekly key marking the recovery high to day in mid-October 2009.

Philippines (PCOMP) - This Index bounced from its MA with a clear upward dynamic three weeks ago and has once again moved above the psychological 3000 level. A downward dynamic is required to offset current scope for a further test of the December and January highs and to reaffirm continued resistance near those levels.

Note: a weak close on Wall Street (the DOW has been down over 180 points as I complete this copy) would present a headwind for these and other stock markets.