It continues to look as though a material top is forming, and typically the longer it takes the harder the subsequent fall. Below is a chart that shows that the 13-day average between highs and lows is matching the lows of the past few decades.
Normally after this happens there is either a massive rally or decline in the stock market. It's tough to imagine a massive rally at this stage.
The next chart shows margin debt at extreme highs. Typically this precedes a big drop in equities.
Anecdotally, economic indicators appear to be decaying globally. For one such anecdote, consider "Wal-Mart has said sales this month have been a “total disaster”, according to leaked internal emails."
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