At their peaks, global stock markets, including that of the U.S., were extremely overbought above their long-term 200-day moving averages, to a degree that almost always results in a decline at least down to retest the support at that moving average.
The stock markets, where most international indexes are about 30% below their 1999-2000 peaks, are telling us that corporate earnings are likely to be much lower than analysts had expected.