The U.S. stock index bulls have faded recently, including the S&P 500 and Nasdaq indexes seeing their near-term price uptrends on the daily bar charts negated this week. Veteran stock market traders know that the two most historically turbulent months (September and October) are just around the corner. The summertime rallies in the stock indexes appear to have run out of gas. See at the bottom of the S&P futures chart that the MACD indicator has just produced a bearish line crossover signal. Stock index bulls need to step up and show fresh power soon, in order to turn the bearish tide. Stay tuned! —Jim Wyckoff