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With many on Wall Street increasingly worried about a looming market correction, stocks do have one powerful thing going for them.
They remain in a strong long-term uptrend, which usually suggests more good times ahead.
The S&P 500's (^GSPC) 200-day moving average has now risen for 329 consecutive trading sessions, the fourth strongest streak over the last 10 years, strategists at The Kobeissi Letter pointed out.
This follows a previous 460-session stretch that briefly ended in April 2025 following president Trump's "Liberation Day" market massacre, bringing the combined streak to about 800 sessions.
If one looks at it from that perspective, it would be the third longest since 1990.
The longest such run lasted 1,448 days during the 2000 dot-com bubble.Historically, when the 200-day moving average rises, the S&P 500 has returned an average annual gain of 8.5% since 1999, the strategists say."History suggests the bullish trend is far from over," they added.
While the market could be poised for more gains into year-end — fueled by a strong corporate earnings backdrop — the conditions are in place for gains to be more muted than in the first half.
Read more:What is a bull market? Definition, examples, and investment strategies.
For one, aworldwide government bond sell-offhas intensified with a ferocity that should alarm every investor, big and small.
The yield on the 10-year US Treasury note (^TNX) — the single most important interest rate in the world, and the rate thatsets the price of everythingfrom a mortgage to a car loan to a credit card — recently touched itshighest level since 2023.
The 30-year yield (^TYX) is near a two-decade high, which does nothing to help those planning for their long-term financial security.
At the same time, crude oil prices havesurged past $90 per barrelagain, driven by escalating geopolitical tensions involving Iran and the corresponding impact on the Strait of Hormuz.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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