NEW YORK (TheStreet) -- A spectre is haunting the markets in Japan, China, India, Germany and the U.S. All are at risk of confirming bear markets with a "death cross" pattern on their daily charts.

A "death cross" occurs when the 50-day simple moving average declines below the 200-day simple moving average. This formation is a warning of further declines ahead.

Let's take a closer technical look, starting with the daily chart of the Nikkei 225.


Courtesy of MetaStock Xenith

Image placeholder title

Japan's Nikkei 225 closed at 17,571.83 on Thursday, up just 0.7% year to date. However, the index is in correction territory, down 16.1% from its multiyear high of 20,952.71 set on June 24. The 50-day simple moving average of 19,526.80 is declining towards the 200-day simple moving average of 19,115.43. A "death cross" will likely be confirmed by the end of next week.

A long-term problem for the Nikkei 225 is that the index has not been able to recapture 50% of its crash that began more than 25 years ago after setting an all-time high of 38,957.44 in December 1989. The 50% retracement of 22,966.96 was last tested in February 1992.

Traveling next to China, here's the daily chart of the Shanghai Composite.


Courtesy of MetaStock Xenith

Image placeholder title

The Shanghai Composite had a close of 3,143.69 on Thursday, down just 2.8% year to date but solidly in bear market territory. It is down 39.3% from its 2015 bubble peak of 5,178.19 set on June 12. The panic of "Black Monday," Aug. 24, spread around the globe began when this index opened below its July 9 low of 3,373.54. This eventually pulled the 50-day simple moving average below the 200-day simple moving average on Sept. 9 with these averages now at 3,522.29 and 3,730.19, respectively.

Remember that the crash of 2015 was a retracement of the crash of 2008, which followed an all-time high of 6,124.04 set in October 2007. The June 12 peak of 5,178.19 was well above the 61.8% Fibonacci retracement of the first bubble. Monday's decline was below 3,365, which is the 38.2% Fibonacci Retracement of the crash of 2008. The downside risk is to the 23.6% retracement of 2,714.

Moving on to India, here's the daily chart of the Nifty 50.


Courtesy of MetaStock Xenith

Image placeholder title

In India the CNX Nifty Index had a close of 7,868.50 on Wednesday, down 5% year to date and in correction mode. It is down 14% from its all-time intraday high of 9,119.20 on March 4.

The 50-day simple moving average has been below its 200-day simple moving average since June 15. This negative was at risk of being reversed on Aug. 20, but the close that day below the 50-day provided a technical warning. This set the index for a negative day on "Black Monday." Note that this index continued lower setting a new 2015 low of 7,539.50 on Sept. 8.

Here's the daily chart for the Deutsche Boerse DAX.


Courtesy of MetaStock Xenith

Image placeholder title

The German DAX closed at 9,427.64 on Thursday, down 3.9% year to date and in bear market territory -- down 23.9% from its all-time high of 12,390.75 set on April 10. Thursday's low is within striking distance of the Aug. 24 low of 9,338.20.

The "death cross" shown on this chart was confirmed on Sept. 4 with the 50-day simple moving average now of 10,665.38 firmly below its 200-day simple moving average now at 11,012.70.

Here's the daily chart of the Nasdaq Composite.


Courtesy of MetaStock Xenith

Image placeholder title

The Nasdaq Composite closed at 4,734.48 on Thursday, flat for the year to date and not quite in correction territory, down 9.52% from its all-time high of 5,231.94 set on July 20, the last of the global major averages to set their highs.

Investors are on "death cross" watch as the 50-day simple moving average of 4,933 is just above the 200-day simple moving average of 4,918. The bearish cross will likely occur by the end of the month.

In the U.S. the first "death cross" was confirmed by the Dow Jones Transportation Average on May 26. Up next was the Dow Jones Industrial Average on Aug. 11. The S&P 500 confirmed its "death cross" on Aug. 28. The Russell 2000 confirmed its "death cross" on Sept. 2.