Eoin Treacy's view S&P500 - bounced from near the February lows last week but needs to sustain a move above the 200-day MA, near 1106, to indicate demand has regained the upper hand beyond the short term.

UK FTSE-100 - similar to the S&P above, with the Index having bounced from near 5000 and the 200-day MA in the region of 5250.

Germany - found support in the region of the 200-day moving average last week but today's downside key day reversal checks the short-term rally and a sustained move above 6115 would be required to question scope for a further test of underlying trading.

Australia ASX200 - bounced well from the May 21st low but is now at the first area of potential resistance, near the lower side of the overhead range. A failure at this area would probably open the door to a further test of underlying trading.

Brazil - rallied back to test the 200-day MA but needs to get back above it, with a sustained move above 64,000 to indicate demand is regaining the upper hand beyond a short-term bounce.

Indonesia - rallied emphatically from near the 200-day MA and now has ample room to consolidate above the late May low while remaining in a consistent uptrend. A sustained move below 2500 would now be required to question the medium-term bullish outlook.

DJ Euro Stoxx Banks - breaks downwards from the 1-month range and a sustained move back above 170 is now required to offset scope for some further downside.

Lead - broke downwards from the most recent distribution this week and while overextended relative to the 200-day MA, a clear upward dynamic sustained for more than a day or two would be required to check momentum beyond a brief pause.

Oil - bounced well from the May 20th low and has encountered resistance at the psychological $75 and the 200-day MA for the last week. It needs to sustain a break above $75 to confirm a return to demand dominance.

Gold - finds support in the region of $1200 and would need to sustain a move below $1195 to question scope for some continued higher to lateral ranging.

US Dollar per 1 Euro - breaks downwards from the short-term distribution and while the $1.20 area may offer token support, a sustained move back above $1.25 would be required to question potential for some additional Euro weakness.

Eurobunds - posts a new high and a countermanding downward dynamic would be required to question scope for some further upside.

In conclusion, a large number of stock market indices rallied impressively from last week's lows but are now encountering resistance in the region of their 200-day moving averages. They will now have to find support above or in the region of their recent lows to lend credence to the short-term bullish outlook.