David Fuller's view Price action, seen on charts, is the investor's best defence against wayward market opinions.

The Euro STOXX Banks Index (weekly & daily) and the Euro STOXX 50 Index (weekly & daily), Europe's leading Blue-chip Index for the Eurozone, have steadied following pullbacks towards the upper side of the September to December trading ranges. Closes beneath 116 and 2600, respectively, would be necessary to indicate deeper reactions and further tests of underlying trading.

Australia's AS51 Index (weekly & daily) is temporarily overextended following its persistent advance since mid-November to retest psychological and lateral resistance near 5,000. A close beneath 4860, taking out the last small step during the advance, would be required to reconfirm more than brief resistance in this region.

Japan's TSE2 Index has seen some loss of upward momentum following last week's surge to 2800. An upward dynamic is required to offset current scope for a somewhat larger reaction and longer pause following persistent strength since mid-November.

The UK's FTSE 100 (weekly & daily) has broken decisively above its range highs since 2010. Since some people were calling this an 'H&S top formation' not all that long ago, the overall reappraisal is significant. Interestingly, the MCX mid-cap (weekly & daily) has cleared not only the range highs since 2010 but also the 2007 peak just over 12,000. Both indices are overextended and due for reactions and consolidations. However, declines back beneath 6,000 (FTSE 100) and 12,000 (MCX) would be required to question further gains over the medium-term.

The USA's S&P 500 Index (weekly & daily) has pushed up out of its recent range and a close beneath 1495 is now required to indicate a deeper reaction and consolidation before the 2007 peak is further tested. Interestingly, the S&P Midcap 400 Index (weekly & daily) has already broken decisively above all prior resistance. It is temporarily overextended following strong gains since mid-November but a close beneath 1085 is now required to indicate a deeper reaction and consolidation before further gains are seen.

Total Known ETF Holdings of Gold has dipped slightly from its high but is still bullish overall. To turn bearish, it needs to see a bigger reaction than previously shown, break beneath the rising MA and break the progression of higher reaction lows.