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The S&P 500 broke out of its summer range this week to yet another record high. The index closed at 7,757.64 on Friday, clearing the 7,500 level it had circled since May 14. The index is 3.5% above its 50-day moving average and 9.8% above its 200-day moving average. Those are not extreme readings.
The breakout is a good moment to ask where this bull market fits in the historical record. The answer is that it's in the middle. That is a more bullish finding than it sounds. Bull markets do not die of old age or of accumulated gains. They usually die when earnings roll over.
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