While the number of days where MSCI Europe declines by 1% or more remains low by historic standards, that number is rising-- especially since June. In the past, increases above 15-20 have been consistent with an acceleration in losses:
In general, up days represent an increasingly smaller proportion of market moves over any given time period. More defensive sectors such as Consumer Staples and Utilities have seen particularly large declines:
Has the market reached extreme enough conditions to warrant a bounce? For more on European weakness, see
here and
here and
here.