The longer-term trend indicators are pointing up a bear market environment. Primarytrend momentum is, for the most part overextended, though that is not true for the longtermKST. At the same time, the market is very oversold on a short-term basis and thatshould generate a rally of some kind. We doubt whether it would have the power toovercome the negative long-term forces. However, the recent improvement in the actionof Chinext and, to a lesser extent, the Shenzhen SME is certainly an encouraging factor.    So too is Chart 19, which indicates that the long period of Chinese under-performancemay be coming to a close. The RS line is still declining but the buy signal from the shorttermKST and its trendline violation suggests that a change in status may not be faraway.

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