Without wanting to start a general SP discussion thread I'd like...

Without wanting to start a general SP discussion thread I'd like to hear some opinions as to why this consistent downward pressure on SP. Not particularly interested in enthusiastic comments relating to "buying the dips". It seems to be a consistent sell down. SP is now well below where the average punter would have placed stop losses in the last 3 months and so the tree has just about snapped now it's been shaken so hard. I'm not asking anyone to try to pick the bottom but rather why the decent volumes and still steady SP decline. Appreciate all reasonable explanations. Thanks