Equities leaking, opportunities ahead?

Equity markets around the world have been slipping since early May. There is a trading momentum downward such that both the European and U.S. markets headed straight down at 2pm in their respective time zones. One would normally think that market news would lead to coincident trading directions across time zones but that was not the case today. What today showed was that the respective markets are trading on technical indicators and trading set-ups within discreet market zones, and not fundamental market information like corporate earnings and recovery indicators. Is this is a temporary phenomenon that will lead to buying opportunities soon or a train of thought that one can't get in front of without getting creamed.

Patterns within the array of stocks followed here suggest the former, but memories of the fall and winter of '08 to '09 create fear of the latter. Tomorrow is unlikely to provide any reassuring answers.