Call it a downtrend, call it a cyclical downturn, or a bear market. No matter how you slice it, stocks are in a definite slump worldwide.
Here's a daily chart of the iShares MSCI All-Country World Index ETF, AWCI.
The pattern of lower highs and lower lows since May 2011 is clearly evident in this ETF tracking some of the world's leading shares. This shows a bear trend, or at the very least, a months long correction in global shares.