Yes it's like a cancer - hidden under the surface for those who may not be following the action on the broad market (individual names).  Honestly, I saw a top being put in on many names last February/March (those names primarily consisted of stay at home type names and/or Nasdaq names that were strictly revenue growth which lacked profits or cash flow. A few of those names like Cathie Wood was heavy long.  It continued to spread slowly taking more names lower.  I noticed many smaller names simply getting no attention - no willing buyers.  Even true small/microcap value names were being overlooked or disregarded partially due to the spec frenzy into various crypto names and select coins and SPACs.  That fad also ended poorly as you can now plainly see.   What had primarily been left standing (supporting the major indices)  are what we refer to as generals (mega cap tech names) and other select big cap tech (see HD and LOW for example).  Recently, they too have succumbed to selling pressure (some more than others - see AMZN/NFLX for example).  One other item that I constantly heard last year, was cash is trash (crickets now).