Trend Signal Now: Are we in year one of a new bull market?

Wednesday, November 19, 2025

Welcome to The Strazza Letter, a free note with market insights from me, All Star Charts Chief Market Strategist Steve Strazza.

Internals have been the whole ballgame this year.

Everyone's arguing about "narrow leadership," "late-cycle," "bubble," you name it.

So JC and I went straight to the source on this one — Mike Hurley.

A lot of the breadth work we run at All Star Charts is built on Mike's research.

He literally wrote the chapter on this stuff in the CMT curriculum… and he won a Lipper Award in 2008 running a long/short fund in one of the hardest years you could trade.

In this new replay, we walk through:

Why Mike thinks we're in year one of a new bull market, not the final innings of the old one
How he uses the percentage of NYSE stocks above their 200-day (and a key 40% threshold) to define bull vs bear trends
What would actually break his bull thesis from here
His "shotgun chart" of every cycle since 1932 — and how that projects S&P 9,000–10,000 over the next few years

If he's right, it has huge implications for the way we treat every pullback, rotation, and breakout setup from here.

Before you decide how aggressive to be on the long side, get clear on where we are in the cycle.

Watch the Mike Hurley replay with JC & me

Steve Strazza | Chief Market Strategist, All Star Charts

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