Bears had their time most recently. At last. But in my opinion this is not the beginning of the major decline or a bear market in stocks. Let us look at the charts below:
Only Russell 2000 is in its consolidation phase; the other indices are trending up and the last decline has been just a usual correction.
So the bull market is still intact; no matter how big the accompanying divergencies are. And there are many of them (just look at some of my previous posts).
But there is something which is really different this time...or it could be. The main divergency I will be closely watching from now on is NYSE Advnace-Decline Issues. Look at the chart below:
To spot what is going now I had to present the last chart in a much shorter time span:
As you can spot, the market's picture has just started to look very awful for the bulls.