I will say that with this decline, I continue to not (yet) see signs of cataclysmic danger. Yes, I am and have been concerned, letting prudence dictate my actions. However, I wouldn't describe my tone or bias as five-alarm bearish. The indicators and charts I track simply haven't conveyed anything warranting such a dire posture. Not yet anyway.
As an example, the chart below shows high-yield "junk" bonds vs. the TLT, with the S&P 500 Index in the upper inset:
The weight of the evidence could change quickly in this environment, understood. But as of today, this market pullback has been overdue and remains just concerning, not (yet) hair-raising.