Eoin Treacy's view The impact of this corrective phase has so far been concentrated in Europe. The longer it persists, the more likely contagion spreads to other markets.

UK Gilts – found support in the region of 115 three weeks ago and has rallied to test the six-month progression of lower rally highs. A clear downward dynamic would be required to check potential for some additional strength.

S&P500 – has at least paused in the region of 1500 and a process of mean reversion is underway. However, a sustained move below 1400 would be required to question medium-term upside potential.

Philippines – Following an impressive rally the Index has become more overextended relative to the 200-day MA than at any time in the course of the four-year uptrend. Potential for a reversion towards the mean has increased.

Palladium – found support above $700 last week and a sustained move below that level would be required to question potential for additional upside.