% above moving averages

The Stoxx 600 remains in a bearish correction.The table below shows that only 22% of the members of the index are trading above the 20 day moving averages, 9% above the 50 day MA and 28% above the 200 day MA.

If the equity markets fail to hold short-term support of the August recovery rally, then the risk of another major downleg is definitely increasing.
On the contrary bonds are improving ; on the 17 bonds funds I follow 76% of them are trading above the 20 day MA 59% above the 50 day and 65% above the 200 day MA.