David Fuller's view Price charts signal changes in investor perceptions, which alter money flows.

Brazil (weekly & daily) is one of the commodity producers clearly in bear market territory. The latest decline since late May is overextended but a close above 48,140 is the minimum required to indicate a loss of downward momentum. Moreover, a period of support building is likely to be required before a significant test of overhead supply can be expected.

The Euro STOXX Bank Index (weekly & daily) did not maintain today's break beneath the psychological 100 level. Nevertheless, a close above 105.20, preferably on an upward dynamic, is the minimum required to indicate that demand is regaining the upper hand.

Wall Street (weekly & daily) remains the flavour of the year among Western markets but it is still somewhat overextended relative to its 200-day MA. A break in the progression of lower rally highs since May is required to indicate that demand is strengthening relative to supply.

Japan's Nikkei 225 (weekly & daily) remains the most interesting major stock market. After three weeks to the upside in a choppy global market environment it may see a temporary consolidation of gains prior to this month's important election. Nevertheless a close beneath 12,400 would be needed to question medium-term scope for sideways to higher ranging, above the large base formation.