The US markets and Canadian markets are totally different beasts right now, but it makes a great learning moment to look at both of them to understand how markets break down.
The chart below is the Bullish Percent Index for the Nasdaq Composite ($BPCOMPQ). I have two other plots on the chart. On top is the plot of the Nasdaq Composite ($COMPQ) and the other is the Percentage Of Stocks Above The 200 DMA ($NAA200R). To read more about the Bullish Percent Index, read the ChartSchool article here. Bullish Percent Indexes (BPI). As a quick comment, the BPI keeps track of the percentage of stocks in a group that are on a buy signal meaning they are making higher highs.
On the charts below, the green lines on the panels that I have placed there manually are the current market levels. I have placed two red lines on each of the indicator plots. The top one is when the market is Big Bull", the other is the level that the market usually finds support in a big bull market. When the Nasdaq Composite Bullish Percent Index ($BPCOMPQ) is above 65, the market can roar forward. Recently it spent from December to March above that level. In April, May and June it has hovered around 60% and we can see the market still roared ahead. That is fine, the lower level is more for brief pullbacks. When it starts to fall under these levels, the market is usually in a correction of some sort. However, the BPI is slower to notify than the $NAA200R in the bottom panel. When a stock is below the long term 200 day moving average, technicians call that condition bearish. This chart keeps track of all of the stocks on the Nasdaq Composite and currently shows a level of 59% (green line in zoom box). If you look left on the chart, corrections usually start around the 58% level. These are eyeball levels based on the charts history and are different depending on the group of stocks you are looking at as I will explain later. In 2015, the market started to break down below these levels as an example. The late October 2016 4% pullback showed this chart pulling back to 54% roughly. In broad terms, if enough stocks are currently participating in the bull market (59%), the overall market can still push higher. We refer to this as the breadth of the market. The more individual stocks in uptrends, the better the 'breadth' of the market.