Such a formation often means that a period of stagnant or downward trading is ahead, and the pattern now fits all three major indices.

FORBES: Beware Of Bear Rallies

Furthermore, the Bank of America Merrill Lynch high-yield indices in the U.S. and in Europe confirm this pattern: the total return in the year to date stands at 9.28% in the U.S., versus 12.76% in Europe.

FORBES: European High-Yield Bond Market: Performance, Though Volatility