David Fuller's view Europe's Euro STOXX Utility Index (monthly, weekly & daily) has resumed its decline, falling to its lowest level since 2003. A close above 248 would be the minimum required to question somewhat lower scope and to suggest a downside failure.

Europe's Euro STOXX Telecom Index (monthly, weekly & daily) has similarly broken downwards and a close back above 320 is the minimum required to offset lower scope and to suggest a downside failure.

Note - Historically defensive sectors do not always perform, especially when governments attach levies on earnings.

Germany's DAX Index (weekly & daily) has slumped back to the psychological 5000 level and looks overstretched following the swift descent since August. Nevertheless, a close back above 5500 would be the minimum required to question downward momentum and to suggest that a potential support building process had commenced.

The UK's FTSE 100 Index (weekly & daily) steadied in the psychological 5000 region and also near the July 2010 low. However, overhead resistance from the large top area remains the dominant technical feature and clearer evidence of support building is likely to be required before the pattern can support more than a temporary rally.

Hong Kong's HSI Index (weekly & daily) is testing range lows and also the May 2010 trough. A close back above the psychological 20,000 level is required to suggest more than temporary support near the August lows.

USA's Nasdaq 100 Index (weekly & daily) plunged to a low in early July along with so many other indices. It bounced and then retested that low last month and a close beneath 2035 is currently required to signal a resumption of the downtrend. Meanwhile, it is trading in a volatile fashion in the region of its important March and June lows and a close above the late-August high near 2270 would indicate a potential downside failure for this Index which often leads, particularly to the upside.

Palladium (weekly & daily) has seen a number of downward dynamics this year, commencing with the weekly key reversal at the peak in February. In pressuring lateral trading and range lows near $700 it has also moved beneath the MA once again and looks increasingly top heavy. A close back above $800 is now required to reaffirm more than temporary support at current levels.