Below are charts of the U.S., Developed markets, Emerging markets and India.
The large-cap S&P 500 index suffered climactic selling. If you look at the chart, you'll see three distinct legs down starting in January through March, May through July, and September until recently. The third leg down which looks like a waterfall, should be the final one. It was the steepest and most dramatic, investor fear went through the roof, and high quality stocks like IBM, Proctor & Gamble, Johnson & Johnson, Stryker, St. Jude Medical, United Technologies and others all sold off. It is usually the high quality stocks that are hit at the end of a bear market.
The Smaller company Russell 2000 index also was hit hard.
Below is the iShares Eurasian Far East index fund which is basically an index that tracks European, Asian and Australian markets.
Emerging markets (China, India, Brazil, Russia) are back to levels last seen in 2005.
The Morgan Stanley India Investment Fund (closed end mutual fund) has seen its shareprice decline dramatically as well.
All of these declines are classic patterns that show investors dumping everything and heading for the exits. It mirrors the way the market acted (in India's case) the price action from July 2007 through December 2007. In that timeframe, investors were piling into this, and other world markets.