Eoin Treacy's view Greek government bond spreads - continues to accelerate higher and a meaningful decline sustained for more than a week or two would be required to signal some sort of equilibrium has been found.

Irish government bond spreads - testing the 1993 high near 300 basis points and a downward dynamic would be required to check momentum beyond a brief pause.

Italian government bond spreads - breaking upwards from the six-month range to test the early 2009 highs. However, a countermanding downward dynamic would be required for the 150 basis point area to offer anything other than temporary resistance.

Portugal government bond spreads - continues to accelerate higher and a downward dynamic, sustained for more than a couple of weeks, is required to signal that a new equilibrium has been found.

Spain government bond spreads - breaks upwards to new 13-year highs and a sustained move below 100 basis points would be required to question scope for additional upside.