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At the end of a trend, the importance of the news itself diminishes, and the price's reaction to the news becomes more important. In the late stage of a bull market, everyone has already bought in heavily, so even major positive news may not bring new marginal buying power. The same applies to the late stage of a bear market. Bad news still exists, but those who needed to sell have mostly done so, and new negative news is unlikely to push prices down further. Many of the earliest changes at tops and bottoms are not because the news has changed, but because the market starts to become insensitive to news that should have been effective. This is why it is important to pay attention when good news does not lead to price increases and bad news does not lead to price drops. It may not directly tell you where the top or bottom is, but it is often a sign that the trend is beginning to blunt.