The Bulls have yet to throw in the towel. Each slump in prices is followed by a vigorous recovery, but the emerging trend is nevertheless strongly downwards.
Graph shows the emerging slope of the new (down) trend of the S&P 500. As it trends downward, the graph swings wildly and almost vertically up and down as the Bulls continue to put up a strong fight against the ever more triumphant Bears. The battle could calm down to a pattern of gentle swings, or the Bulls could throw in the towel and allow the index to head vertically down.