David Fuller's view Spain puts Eurozone concerns back on centre stage with 10-year yields surging to 6% and needing another downward dynamic to signal renewed intervention. Spain's IBEX remains a serial underperformer and has broken beneath last year's lows. An upward dynamic is required to check this slide and signal a downside failure.

Shown on daily charts, these previously high-performing stock market indices have rolled over: NDX, SPX, DAX, SET and IBOV (but becoming oversold as psychological 6000 level is approached), TSE2. You will find many similar examples in the Library. Given the size and duration of the rallies commencing in 4Q 2011 we can expect more of the same followed by a period or ranging, probably for a number of weeks if not several months, before the cyclical bull trend resumes. China's A-Shares may outperform for a change.

Crude oil erodes Iran premium. This could be important WTI (weekly & daily) and Brent (weekly & daily), although still above their rising 200-day MAs, have seen their advances checked for at least the short term. Upward dynamics will be required to halt this downward drift which is currently reducing the oil headwind for global GDP growth.