Asia underperfomance

There are canaries in the coal mine. They are the Asian markets, in particular, Japan and Korea. They are not on an artificial US dollar confetti standard/peg like Hong Kong or China, their currencies have been appreciating recently, and those equity markets don't seem to like it.
China, Japan, and Korea have all topped out, and aren't making new highs as the U.S. and European markets keep going higher. Remember at the bottom, the Asian equities moved first off the bottom, now that they are overvalued, they are the first to move off the top.