Institutional Model

Commentary

Why the bullish market may have years to run

Fundamental and technical factors could support a continued uptrend.

By: Denise Chisholm Roy Justice Darren Chabot

Updated: 9/24/2025

Key Takeaways

The S&P 500 may still be in a secular bull market, based on the average duration of previous postwar bull cycles.
The market appears overbought based on short-term trading metrics, although long-term indicators show it’s only moderately above the historical trend going back to the late 1920s.
If the current artificial-intelligence-fueled Nasdaq Composite rally were to mirror the length of the 1990s tech cycle, it could continue for several more years without a major correction.
Despite high historical valuations, structural shifts in sector composition—more information technology and fewer energy and financials stocks—may help justify the premium.

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Why the bullish market may have years to run

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Why the bullish market may have years to run

Fundamental and technical factors could support a continued uptrend.

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