There are sufficient players in these indexes to generate Elliott wave patterns. There are a range of ratings that represent risk. When two indexes of different ratings are compared, trends in relative risk are easier to see. Divergences are easier to see. Debt is the foundation of the banking system. When the debt market crashes, equities will have to. These trend are so bad right now that all is needed is a quick glance at the chart. Despte all that money Bernanke threw at the problem, it has not gone away, only gotten worse.