The post-crisis U.S. bull market has now become the second-longest bull market since 1956. In a new report, UBS analyst Julian Emanuel discussed indications that the bull is nearing its end, as well as several indications that it’s not quite dead just yet.

M&A

Emanuel highlighted two key indicators that the bull market is now in its late stages. First, the M&A explosion in recent years is reminiscent of past market tops. He took the comparison to past tops one step further by adding that the recent merger talks between Pfizer Inc. PFE 0.24% and Allergan PLC AGN 2.33% are comparable to the massive mergers in past market tops, such as the AOL/Time Warner Inc TWX 1.23% merger in 2000 and the Royal Bank of Scotland Group PLC RBS 0.5% takeover of ABN-Amro in 2007.

In the past, these types of blockbuster deals in market-leading sectors have been indications of imminent market tops.

Volatility

In addition, Emanuel noted…

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