Bull market
In short
#MacroA bull market is a sustained period of rising prices, conventionally defined as a gain of 20% or more from a recent low. The term describes what has already happened, not what will happen next.
Why it matters
The label matters because it changes how the same signal is read. Pullbacks inside a bull market are usually treated as entries, while identical pullbacks in a bear market are treated as warnings. When an analyst says we are in a bull market, they are telling you which default they are applying.
Example
An index falls to 3,600, then climbs to 4,320 over eight months. That 20% gain from the low is the conventional threshold, so commentary starts describing the move as a new bull market, after most of the first leg is already done.
Frequently asked
Who decides when a bull market starts?
Nobody official. The 20%-from-the-low rule is a media and industry convention, not a regulated definition. Different outlets date the same bull market differently, which is why start dates vary between sources.
How long do bull markets last?
Historically they have run anywhere from under a year to over a decade. Duration averages are widely quoted but have little predictive value for any single cycle.