Defying all negative news, the markets are trying to remain in an uptrend at the upper end of the range.

Sensex/Nifty seem to be headed towards 11000/3400. Stop loss 8500/2700.
Nikkei and Hnagseng are likely to head towards 9500 and 20000 respectively.
Dow is expected to breakout of the ceiling at 9000 and head towards 10000. Stop loss 8000.
FTSE is sideways with positive bias. Breakout above 4600 is needed to touch 5600. Stop 3800.

Therefore, under the current climate, these markets have become a buy on decline with the given stop losses.
However, the long term trend is down and medium term would turn positive only on a close above the given upper targets.
The above given range is for the short term(1-2 weeks).

(Next update between 2.30 and 3.00 p.m.)