A pivotal two week period this is going to be. The proverbial watershed moment/turning point could have arrived already.
Some three CBs aka the Fed, BoJ and BoE have rate decisions to make this week. Their cheat code carousel ran out of steam the instance the fed upped it's rate in December and since then policy divergence has gotten starker by the day.
I would not rule out one upmanship/surprise move by either of them (especially the Fed and BoE) to try insulate themselves from any oncoming hits - currency war heats up a notch higher and goes mainstream. The ECB and BoJ are looking like sitting ducks with their own peculiar issues to deal with.
Next week comes the big one...Brexit vote. If the leave vote carries the day it will be the beginning of the end for the EU and Euro not to mention that the political fallout will be spectacular. Britain is better off quitting so if they choose to remain, or worse, vote is rigged in favor of a Bremain, its problems will only compound and show up later down the road.
All in all, a rate change and a Brexit will be very destabilizing for the global economy (advanced, emerging and frontier economies) and could be the sparks that ignites infernos all over the place. If not, the can is kicked down the road awaiting a bigger fuse.
It is also imperative to note that numerous joker cards are hidden and could be unleashed once the show gets rolling.
The main purpose of the stock market is to make fools of as many people as possible.