Bullish investors would be well served to pull back their horns because the market is seeing a bearish alignment of technical, fundamental and economic risks coming into focus, said Jason Schwarz, President of Wilshire Funds Management. 'We are in the latter stages of this epic bull market and the traditional equity component of an investor’s portfolio we think needs to be intelligently designed to reflect these new realities,' said Schwarz. From a technical perspective, he said there has been a gradual consolidation and topping out of the S&P 500 this year, which is now trading below the 200 day moving average. On the fundamental side, he said the trend in earnings growth is negative and it is not simply due to a weak energy sector and the strong dollar environment. As for the economy, Schwarz said signs of slowing global economic growth, weaker industrial production and retail sales, and declining levels of inflation are apparent.