Losses from one trade must be covered with profit from another. One selling leads to another, and the world sells together.
Looking at the monthly chart, there are still pockets of bulls here and there:
S&P 500: Bear
FTSE: Bear
DAX: Bear
Bovespa: Bull under correction.
Nikkei: Bear
Kospi: Going into bear.
Sensex: Bull under correction.
SSEC: Bull under correction.
HSI: Bull under severe correction which may turn into bear
KLCI: Bull under correction.
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