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.

Get the full white paper

Why the bullish market may have years to run

Next steps to consider

Asset Allocation Research Team (AART)

Access economic, fundamental, and quantitative analysis from our Asset Allocation Research Team.

Learn more

Fidelity Portfolio Quick Check^®

Analyze, compare, and optimize your investment strategy in minutes with our free on-demand digital portfolio analysis tool.

Learn more

View all

Government shutdowns and investors

History suggests little impact on markets and the economy.

Why the bullish market may have years to run

Fundamental and technical factors could support a continued uptrend.

Signs of strength for stocks

Investors have been worried about negative payroll revisions. History suggests they shouldn’t be.

For important information, see the full linked content.

1223824.1.0

606BB77B695C4BA79942F37519DCD110

Past performance is no guarantee of future results.

Unless otherwise expressly disclosed to you in writing, the information provided in this material is for educational purposes only. Any viewpoints expressed by Fidelity are not intended to be used as a primary basis for your investment decisions and are based on facts and circumstances at the point in time they are made and are not particular to you. Accordingly, nothing in this material constitutes impartial investment advice or advice in a fiduciary capacity, as defined or under the Employee Retirement Income Security Act of 1974 or the Internal Revenue Code of 1986, both as amended. Fidelity and its representatives may have a conflict of interest in the products or services mentioned in this material because they have a financial interest in the products or services and may receive compensation, directly or indirectly, in connection with the management, distribution, and/or servicing of these products or services, including Fidelity funds, certain third-party funds and products, and certain investment services. Before making any investment decisions, you should take into account all of the particular facts and circumstances of your or your client’s individual situation and reach out to an investment professional, if applicable.

The use of the term "advisor(s)" throughout this site shall refer to both investment advisors and broker-dealers as a collective term.