European investors investing in US equities are not happy. Since March 2017 their holdings are losing value measured in Euro:

Source: Stockcharts.com

While the S&P 500 (the lower panel of the chart) is still in its strong bull market, its equivalent measured in Euros is in its correction phase (the upper panel of the chart).

Note that a similar situation was an early indication of a bear market in the USA in 2007:

Source: Stockcharts.com

Well, I am not saying that we are at the beginning of a bear market in the USA (it will never happen, by the way) now but caution is advised...