WELCOME TO THE LONGEST STOCK INDEX FUTURES BULL MARKET IN HISTORY


The financial crisis of 2007-2009 stunned the country and the world. Stock markets plunged, shedding more than half their value, as companies battled for survival, and on March 9, 2009 the S&P 500 hit a measly low at 666.8.


Way back in 2009 there were very few people that were predicting a stock index recovery, let alone such a long-lived advance. However, in nine years, five months and 13 days, it more than quadrupled.


On Wednesday, 22 August the bull market in S&P 500 futures turned 3,453 days old, surpassing the previous record of 3,452 days that took place between October 1990 and March 2000. This milestone makes the current bull market the longest such streak on record. It is widely accepted that the bull market started on 9 March 2009, which marked the low of the financial crisis. Many analysts consider this to be the birth date of the current bull market, since that was the absolute bottom for the prior bear market, which ended that day.


A bull market is defined as a 20% rally on a closing basis that at no point is derailed by a subsequent decline of 20%. This market is considered to still be a bull market until it falls 20%, which generally defines the end of a bull market. Since the 2009 lows were made, there have been a multitude of geopolitical problems that temporarily adversely affected stock index futures, and every time stock index futures were able to recover.


22 | ADMISI - The Ghost In The Machine | September/October 2018


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