Bull Market

A bull market is generally defined as a rise of 20% or more from a recent market low, sustained over time. Bull markets are driven by economic expansion, rising corporate earnings, low unemployment, and investor confidence. The longest bull market in U.S. history ran from March 2009 to February 2020 — nearly 11 years — delivering gains of over 400% in the S&P 500.

Bull markets don't move in a straight line. They include corrections (10%+ pullbacks) along the way, which can feel scary but are normal. The key characteristic of a bull market is that new highs are eventually reached after each pullback.

Example: The bull market following the COVID-19 crash bottom (March 2020) was one of the sharpest on record. From March 23, 2020 to January 2022, the S&P 500 gained approximately 114% in less than two years.

During strong bull markets, the BMInsider Fear & Greed Index often stays in 'Greed' or 'Extreme Greed' territory for extended periods — a potential warning signal for contrarian investors.