The price action in stocks reminds me of 2007 ...Middle East

A few equity indexes are starting to look like this chart, from 2007.Back then the problems in US housing were starting to mount and in July/August we got a sharp selloff in stocks, including 7% in the S&P 500. Then, it recovered to touch a marginal new record high that autumn, and ultimately the worst bear market in decades, culminating in a decline of more than 50%.I remember that new high vividly and thinking that the market was signaling that Fed cuts would be enough. I certainly wasn't convinced then and the bearish engulfing candle on that weekly chart was a strong signal to head to the sidelines.How does the weekly chart look now? We got a slightly larger 9.2% decline in July-August a

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