The U.S. stock indexes are trending lower and the bears have the firm near-term technical advantage. The years-long U.S. stock market bull run is showing solid signs of dying. Bulls can correctly argue the U.S. stock index bulls have been very resilient over the years—producing major comebacks after steep losses. However, this latest big downturn in prices, combined with the fundamentals of the marketplace, are the strongest clues yet that the bull market in equities is indeed over. —Jim Wyckoff