Yes, we are technically in an untrend, at least for the time being. That trendline needs to be cracked before bears, as big pussies that they are, can declare victory.
some many holes in this, generally it is not entirely true. we are at a peace time and ran through the economic cycles, any significant drawdowns would wipe out bottom 99%. i had ford stocks during the pandemic around $10 and out at $11.50, just check how it is at $9.96. what changes? nothing but time. if last two years of spx performance is any guide, we will see a deep dive to reset the debt fueled bubble..