David Fuller's view Thailand's SET Index (weekly & daily) surged on the weekend election result following a correction towards its medium-term uptrend approximated by the 200-day moving average. A close beneath the psychological 1000 level would now be required to offset current scope for a successful challenge of the April peak. On the weekly chart, note the progression of higher reaction lows since the 2008 trough, which are the defining characteristic of an upward trend.

The Philippines Manila Index (weekly & daily) surged to a new high today. A break back beneath the June reaction low and the rising MA would now be required to offset higher scope, which may include a brief consolidation near or above the November peak.

Indonesia (weekly & daily) and Malaysia (weekly & daily) continue to lead, providing bullish commonality for the ASEAN region, which in turn, remains a lead indicator for global stock markets.

Aberdeen Asian Smaller Companies IT (weekly & daily) appears to have completed its lengthy mean reversion and digestion of earlier gains. While a brief consolidation of the latest rally may occur before long, a close beneath the June low near 615 would be required to indicate an upside failure and significantly delay further gains.

Russia's Trading System Index (weekly & daily) has bounced from its rising MA once again, establishing a higher reaction low in the process. A close beneath 1825 would now be required to offset current scope for sideways to higher ranging.

The UK's FTSE 100 Index (weekly & daily) has rallied from the lower side of its range considerably faster than it fell, confirming that an important low was established in mid-June. While some resistance is likely to be encountered near the higher side of the range after nine consecutive days to the upside, a break in the progression of rising lows would be required to delay further current scope for a resumption of the overall upward trend in coming weeks.