I disagree. Why do you think it is logical to believe that people are being "forced" to put their money in a market that has a -70% return since March 2000?
There are plenty of alternatives. However, there are also still dumb investors who need to be separated from their hard-earned cash. That's the secret of what's going on.
T/A works in any environment. It's being able to interpret it and predict a ways down the road that's tough sometimes.