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India's Sensex Index (weekly & daily) encountered resistance from its 2007-2008 highs and the psychological 20,000 level. Recently, it fell swiftly to test the November and December lows near the psychological 19,000 level, before bouncing today. A close beneath those lows would now be required to indicate some additional mean reversion towards the medium-term trend depicted by the rising 200-day moving average, before extensive underlying support from the large range evident below 18,000 eventually supports a resumption of the overall upward trend. A sustained move below 18,000 would be required to question this hypothesis.

Hong Kong (weekly & daily) has resumed its rebound from the upper side of last year's broad trading range, following a brief consolidation. A close beneath 23,480 would now be required to delay an additional rally towards the November peak at the psychological 25,000 level. Some temporary resistance can be anticipated in that region before underlying support sustains a resumption of the medium-term uptrend.

Brazil (weekly & daily) was an upside leader following its November 2008 low but since regaining the psychological 70,000 level has been rangebound over the last year. The recent firmer tone suggests that an upside breakout may not be long delayed and this pattern cannot possibly be a top formation while the Index remains above 66,950.

The USA's S&P 500 Index (weekly & daily) has maintained its global relative strength since early December, and although becoming temporarily overextended relative to the rising MA, a close beneath 1260 would now be required to check short-term uptrend consistency beyond a short pause.

Palladium (weekly & daily) has surged to a new high for this uptrend since 4Q 2008 and a close beneath $740 would now be required to check medium-term upside momentum by breaking the progression of higher reaction lows. Platinum has been the leader among precious metals since 4Q 2008.

Nickel (weekly & daily) has surged above lateral resistance since last October, following a length consolidation. A close back beneath 24,000 would now be required to question scope for at least a retest of the April-May highs near 27,690.