Several previous market-leading emerging-market countries have also seen their stock markets rolled over to the downside.

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The stock market rolled over (the vertical blue line) into the bear market in October, 2007.

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It could be seen in shorter-term market moves in each of the last three years, when the stock market rolled over into corrections each spring foretelling the economic slowdowns in each of the last three summers, and then recovered in the summer and fall with the economic recovery getting back on track.

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The very next month the stock market rolled over into a correction, and a month after that the surprising negative economic reports began to pile in for May and June, and now into July, including dismal monthly employment reports, plunges in home sales, unexpected declines in retail sales, auto sales, manufacturing, and consumer sentiment.

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Meanwhile, the stock markets of three of the seven largest economies of the world rolled over to the downside last November.

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