Bullish or Bearish?

Fascinating pair of charts by Doug Short today.

In the first, the real S&P index since 1871 is plotted with its trendline. That's "real" with CPI-based inflation according to the BLS.

The second chart is nominally the same, only this time "real" means with CPI according to Shadowstats, as alluded to in "Stupid CPI Games."

The first chart is pretty bearish-looking, but the second is really rather bullish. Ack; my head's spinning--and no, I'm not dizzy from chasing my tail; thanks for asking. Like I would ever indulge in such a pointless, unintelligent-seeming activity.