David Fuller's view The Dow Utilities Index (weekly & daily) recovered quickly following its sudden shakeout in August and has continued to range higher above the rising 200-day moving average. While potential resistance from the 2007-2008 top area is evident above 450, a close beneath 430 would now be required to question current scope for a gradual retest of overhead trading in coming months. The Dow Utilities Index currently yields 3.97%.

The Nasdaq 100 Index (weekly & daily) has rallied strongly from its August to early-October lows to confirm a downside failure from the top formation and also test its earlier highs for the year evident just above 2400. While some hesitation in this area is to be expected, NDX has so far consolidated above its 200-day MA which is also turning upwards once again. A close back beneath 2300 is now required to question current scope for a sustained upward break in coming weeks.

Indonesia's JCI Index (weekly & daily) peaked with a downside weekly key reversal in early August and fell sharply in September before steadying once again. It has now regained approximately two-thirds of the decline from this year's high, while also moving back above the 200-day MA which is turning upwards once again. A close beneath 3600 would now be necessary to question scope for a further test of overhead trading by this frequent upside leader among stock markets over the last eight years.

The Philippines Manila Composite Index (weekly & daily) also peaked in early August with a weekly downside key reversal and slumped to a low in late September near the February floor. It has subsequently rebounded strongly and is trading above its MA in a test of the upper boundary which is likely to provide some resistance. Nevertheless, a decline back under 4150 would now be needed to question scope for a test of the year's earlier highs and an eventual upward break.

Conclusion - The influential Wall Street leash in its current form is likely to pull most other stock markets higher. ASEAN leaders, so prominent over the last eight years, are regaining their overall relative strength.