David Fuller's view Germany's DAX Index (weekly & daily) checked this month's slide with an upward dynamic today. Upside follow through on Wednesday would signal further short covering and establish another higher reaction low. However, a break in the progression of lower highs is required for additional evidence of base formation development.

USA's S&P 500 Index (weekly & daily) checked its decline with a big upward dynamic today and upside follow through would confirm another higher reaction low. However, a break back above the 200-day MA and also the early-December rally high is required to provide further evidence that demand is regaining the upper hand.

USA's Nasdaq 100 Index (weekly & daily) continues to show relative strength and a move above the early-December high would provide further evidence that demand is beginning to outweigh supply.

USA's Transportation Average (weekly & daily) is likely to test psychological and lateral trading near 5000 once again following today's upward dynamic. A close above that level for more than a day or two would increase scope for a challenge of the important highs just over 5500.

USA's Dow Utilities Average (weekly & daily) remains in a gradual upward trend and a close beneath 420 would be required to question current scope for further sideways to higher ranging.

Conclusion - Today's upward dynamics are a challenge for the bearish consensus.