The bull market is gaining momentum: The 200-day moving average of the S&P 500 has now risen for 329 consecutive trading sessions, the 4th-strongest streak over the last 10 years. This follows a previous 460-session run that briefly ended in April 2025 following "Liberation Day," bringing the combined streak to ~800 sessions, which would be the 3rd-longest since 1990. For perspective, the longest such stretch lasted 1,448 days during the 2000 Dot-Com Bubble. Historically, when the 200-day moving average was rising, the S&P 500 returned +8.5% per year on average since 1999. By comparison, when the 200-day moving average was falling, the S&P 500 returned just +0.1% per year on average. History suggests the bullish trend is far from over.