Even more significant is the fact that the best performing in the bull phase have become the worst performing i.e. they have moved from one extreme to the other. Another bit of evidence perhaps that abs momentum is persistent (perhaps over a bull-bear cycle)*. I have always been a bit unsure as to what would make better positions (in terms of subsequent returns) at the 'turning pts' - what has hitherto been strong/weak or the converse. This study of indices data might provide some answers.
*statistical equivalent can perhaps be found in beta & alpha
& fundamental equivalent perhaps in valuations reverting to the mean (the leaders of the bull phase would tend to be most overvalued near the inflection point & ... you know the rest of the blah blah