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id="toc-Bull_market-sublist" class="vector-toc-list"> <li id="toc-Examples" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Examples"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.1.1</span> <span>Examples</span> </div> </a> <ul id="toc-Examples-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Bear_market" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Bear_market"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2</span> <span>Bear market</span> </div> </a> <ul id="toc-Bear_market-sublist" class="vector-toc-list"> <li id="toc-Examples_2" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Examples_2"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.2.1</span> <span>Examples</span> </div> </a> <ul id="toc-Examples_2-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Market_top" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Market_top"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3</span> <span>Market top</span> </div> </a> <ul id="toc-Market_top-sublist" class="vector-toc-list"> <li id="toc-Examples_3" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Examples_3"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.3.1</span> <span>Examples</span> </div> </a> <ul id="toc-Examples_3-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Market_bottom" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Market_bottom"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.4</span> <span>Market bottom</span> </div> </a> <ul id="toc-Market_bottom-sublist" class="vector-toc-list"> <li id="toc-Examples_4" class="vector-toc-list-item vector-toc-level-3"> <a class="vector-toc-link" href="#Examples_4"> <div class="vector-toc-text"> <span class="vector-toc-numb">3.4.1</span> <span>Examples</span> </div> </a> <ul id="toc-Examples_4-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> </ul> </li> <li id="toc-Secondary_trends" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Secondary_trends"> <div class="vector-toc-text"> <span class="vector-toc-numb">4</span> <span>Secondary trends</span> </div> </a> <button aria-controls="toc-Secondary_trends-sublist" class="cdx-button cdx-button--weight-quiet cdx-button--icon-only vector-toc-toggle"> <span class="vector-icon mw-ui-icon-wikimedia-expand"></span> <span>Toggle Secondary trends subsection</span> </button> <ul id="toc-Secondary_trends-sublist" class="vector-toc-list"> <li id="toc-Bear_market_rally" class="vector-toc-list-item vector-toc-level-2"> <a class="vector-toc-link" href="#Bear_market_rally"> <div class="vector-toc-text"> <span class="vector-toc-numb">4.1</span> <span>Bear market rally</span> </div> </a> <ul id="toc-Bear_market_rally-sublist" class="vector-toc-list"> </ul> </li> </ul> </li> <li id="toc-Causes_of_market_trends" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Causes_of_market_trends"> <div class="vector-toc-text"> <span class="vector-toc-numb">5</span> <span>Causes of market trends</span> </div> </a> <ul id="toc-Causes_of_market_trends-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-Market_sentiment" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#Market_sentiment"> <div class="vector-toc-text"> <span class="vector-toc-numb">6</span> <span>Market sentiment</span> </div> </a> <ul id="toc-Market_sentiment-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-See_also" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#See_also"> <div class="vector-toc-text"> <span class="vector-toc-numb">7</span> <span>See also</span> </div> </a> <ul id="toc-See_also-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-References" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#References"> <div class="vector-toc-text"> <span class="vector-toc-numb">8</span> <span>References</span> </div> </a> <ul id="toc-References-sublist" class="vector-toc-list"> </ul> </li> <li id="toc-External_links" class="vector-toc-list-item vector-toc-level-1 vector-toc-list-item-expanded"> <a class="vector-toc-link" href="#External_links"> <div class="vector-toc-text"> <span class="vector-toc-numb">9</span> <span>External links</span> </div> </a> <ul id="toc-External_links-sublist" class="vector-toc-list"> </ul> </li> </ul> </div> </div> </nav> </div> </div> <div class="mw-content-container"> <main id="content" class="mw-body"> <header class="mw-body-header vector-page-titlebar"> 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class="firstHeading mw-first-heading"><span class="mw-page-title-main">Market trend</span></h1> <div id="p-lang-btn" class="vector-dropdown mw-portlet mw-portlet-lang" > <input type="checkbox" id="p-lang-btn-checkbox" role="button" aria-haspopup="true" data-event-name="ui.dropdown-p-lang-btn" class="vector-dropdown-checkbox mw-interlanguage-selector" aria-label="Go to an article in another language. Available in 25 languages" > <label id="p-lang-btn-label" for="p-lang-btn-checkbox" class="vector-dropdown-label cdx-button cdx-button--fake-button cdx-button--fake-button--enabled cdx-button--weight-quiet cdx-button--action-progressive mw-portlet-lang-heading-25" aria-hidden="true" ><span class="vector-icon mw-ui-icon-language-progressive mw-ui-icon-wikimedia-language-progressive"></span> <span class="vector-dropdown-label-text">25 languages</span> </label> <div class="vector-dropdown-content"> <div class="vector-menu-content"> <ul class="vector-menu-content-list"> <li class="interlanguage-link interwiki-ar mw-list-item"><a href="https://ar.wikipedia.org/wiki/%D8%A7%D8%AA%D8%AC%D8%A7%D9%87_%D8%A7%D9%84%D8%B3%D9%88%D9%82" title="اتجاه السوق – Arabic" lang="ar" hreflang="ar" data-title="اتجاه السوق" data-language-autonym="العربية" data-language-local-name="Arabic" class="interlanguage-link-target"><span>العربية</span></a></li><li class="interlanguage-link interwiki-az mw-list-item"><a href="https://az.wikipedia.org/wiki/Bazar_tendensiyas%C4%B1" title="Bazar tendensiyası – Azerbaijani" lang="az" hreflang="az" data-title="Bazar tendensiyası" data-language-autonym="Azərbaycanca" data-language-local-name="Azerbaijani" class="interlanguage-link-target"><span>Azərbaycanca</span></a></li><li class="interlanguage-link interwiki-ca mw-list-item"><a href="https://ca.wikipedia.org/wiki/Tend%C3%A8ncia_del_mercat" title="Tendència del mercat – Catalan" lang="ca" hreflang="ca" data-title="Tendència del mercat" data-language-autonym="Català" data-language-local-name="Catalan" class="interlanguage-link-target"><span>Català</span></a></li><li class="interlanguage-link interwiki-da mw-list-item"><a href="https://da.wikipedia.org/wiki/Hausse_og_baisse" title="Hausse og baisse – Danish" lang="da" hreflang="da" data-title="Hausse og baisse" data-language-autonym="Dansk" data-language-local-name="Danish" class="interlanguage-link-target"><span>Dansk</span></a></li><li class="interlanguage-link interwiki-de mw-list-item"><a href="https://de.wikipedia.org/wiki/Bullen-_und_B%C3%A4renmarkt" title="Bullen- und Bärenmarkt – German" lang="de" hreflang="de" data-title="Bullen- und Bärenmarkt" data-language-autonym="Deutsch" data-language-local-name="German" class="interlanguage-link-target"><span>Deutsch</span></a></li><li class="interlanguage-link interwiki-es mw-list-item"><a href="https://es.wikipedia.org/wiki/Tendencias_de_mercado" title="Tendencias de mercado – Spanish" lang="es" hreflang="es" data-title="Tendencias de mercado" data-language-autonym="Español" data-language-local-name="Spanish" class="interlanguage-link-target"><span>Español</span></a></li><li class="interlanguage-link interwiki-fa mw-list-item"><a href="https://fa.wikipedia.org/wiki/%D8%B1%D9%88%D9%86%D8%AF_%D8%A8%D8%A7%D8%B2%D8%A7%D8%B1" title="روند بازار – Persian" lang="fa" hreflang="fa" data-title="روند بازار" data-language-autonym="فارسی" data-language-local-name="Persian" class="interlanguage-link-target"><span>فارسی</span></a></li><li class="interlanguage-link interwiki-fr mw-list-item"><a href="https://fr.wikipedia.org/wiki/Tendance_(%C3%A9conomie)" title="Tendance (économie) – French" lang="fr" hreflang="fr" data-title="Tendance (économie)" data-language-autonym="Français" data-language-local-name="French" class="interlanguage-link-target"><span>Français</span></a></li><li class="interlanguage-link interwiki-ga mw-list-item"><a href="https://ga.wikipedia.org/wiki/Bulla-_agus_b%C3%A9armhargadh" title="Bulla- agus béarmhargadh – Irish" lang="ga" hreflang="ga" data-title="Bulla- agus béarmhargadh" data-language-autonym="Gaeilge" data-language-local-name="Irish" class="interlanguage-link-target"><span>Gaeilge</span></a></li><li class="interlanguage-link interwiki-hy mw-list-item"><a href="https://hy.wikipedia.org/wiki/%D5%87%D5%B8%D6%82%D5%AF%D5%A1%D5%B5%D5%AB_%D5%B4%D5%AB%D5%BF%D5%B8%D6%82%D5%B4" title="Շուկայի միտում – Armenian" lang="hy" hreflang="hy" data-title="Շուկայի միտում" data-language-autonym="Հայերեն" data-language-local-name="Armenian" class="interlanguage-link-target"><span>Հայերեն</span></a></li><li class="interlanguage-link interwiki-id mw-list-item"><a href="https://id.wikipedia.org/wiki/Tren_pasar" title="Tren pasar – Indonesian" lang="id" hreflang="id" data-title="Tren pasar" data-language-autonym="Bahasa Indonesia" data-language-local-name="Indonesian" class="interlanguage-link-target"><span>Bahasa Indonesia</span></a></li><li class="interlanguage-link interwiki-it mw-list-item"><a href="https://it.wikipedia.org/wiki/Mercato_rialzista_e_mercato_ribassista" title="Mercato rialzista e mercato ribassista – Italian" lang="it" hreflang="it" data-title="Mercato rialzista e mercato ribassista" data-language-autonym="Italiano" data-language-local-name="Italian" class="interlanguage-link-target"><span>Italiano</span></a></li><li class="interlanguage-link interwiki-lt mw-list-item"><a href="https://lt.wikipedia.org/wiki/Rinkos_kryptis" title="Rinkos kryptis – Lithuanian" lang="lt" hreflang="lt" data-title="Rinkos kryptis" data-language-autonym="Lietuvių" data-language-local-name="Lithuanian" class="interlanguage-link-target"><span>Lietuvių</span></a></li><li class="interlanguage-link interwiki-nl mw-list-item"><a href="https://nl.wikipedia.org/wiki/Markttrend" title="Markttrend – Dutch" lang="nl" hreflang="nl" data-title="Markttrend" data-language-autonym="Nederlands" data-language-local-name="Dutch" class="interlanguage-link-target"><span>Nederlands</span></a></li><li class="interlanguage-link interwiki-no mw-list-item"><a href="https://no.wikipedia.org/wiki/Markedstrend" title="Markedstrend – Norwegian Bokmål" lang="nb" hreflang="nb" data-title="Markedstrend" data-language-autonym="Norsk bokmål" data-language-local-name="Norwegian Bokmål" class="interlanguage-link-target"><span>Norsk bokmål</span></a></li><li class="interlanguage-link interwiki-pl mw-list-item"><a href="https://pl.wikipedia.org/wiki/Bessa" title="Bessa – Polish" lang="pl" hreflang="pl" data-title="Bessa" data-language-autonym="Polski" data-language-local-name="Polish" class="interlanguage-link-target"><span>Polski</span></a></li><li class="interlanguage-link interwiki-pt mw-list-item"><a href="https://pt.wikipedia.org/wiki/Tend%C3%AAncias_de_mercado" title="Tendências de mercado – Portuguese" lang="pt" hreflang="pt" data-title="Tendências de mercado" data-language-autonym="Português" data-language-local-name="Portuguese" class="interlanguage-link-target"><span>Português</span></a></li><li class="interlanguage-link interwiki-ru mw-list-item"><a href="https://ru.wikipedia.org/wiki/%D0%A2%D1%80%D0%B5%D0%BD%D0%B4" title="Тренд – Russian" lang="ru" hreflang="ru" data-title="Тренд" data-language-autonym="Русский" data-language-local-name="Russian" class="interlanguage-link-target"><span>Русский</span></a></li><li class="interlanguage-link interwiki-sr mw-list-item"><a href="https://sr.wikipedia.org/wiki/Tr%C5%BEi%C5%A1ni_trend" title="Tržišni trend – Serbian" lang="sr" hreflang="sr" data-title="Tržišni trend" data-language-autonym="Српски / srpski" data-language-local-name="Serbian" class="interlanguage-link-target"><span>Српски / srpski</span></a></li><li class="interlanguage-link interwiki-fi mw-list-item"><a href="https://fi.wikipedia.org/wiki/Markkinatrendi" title="Markkinatrendi – Finnish" lang="fi" hreflang="fi" data-title="Markkinatrendi" data-language-autonym="Suomi" data-language-local-name="Finnish" class="interlanguage-link-target"><span>Suomi</span></a></li><li class="interlanguage-link interwiki-sv mw-list-item"><a href="https://sv.wikipedia.org/wiki/Marknadstrend" title="Marknadstrend – Swedish" lang="sv" hreflang="sv" data-title="Marknadstrend" data-language-autonym="Svenska" data-language-local-name="Swedish" class="interlanguage-link-target"><span>Svenska</span></a></li><li class="interlanguage-link interwiki-uk mw-list-item"><a href="https://uk.wikipedia.org/wiki/%D0%A0%D0%B8%D0%BD%D0%BA%D0%BE%D0%B2%D0%B0_%D1%82%D0%B5%D0%BD%D0%B4%D0%B5%D0%BD%D1%86%D1%96%D1%8F" title="Ринкова тенденція – Ukrainian" lang="uk" hreflang="uk" data-title="Ринкова тенденція" data-language-autonym="Українська" data-language-local-name="Ukrainian" class="interlanguage-link-target"><span>Українська</span></a></li><li class="interlanguage-link interwiki-vi mw-list-item"><a href="https://vi.wikipedia.org/wiki/Xu_h%C6%B0%E1%BB%9Bng_th%E1%BB%8B_tr%C6%B0%E1%BB%9Dng" title="Xu hướng thị trường – Vietnamese" lang="vi" hreflang="vi" data-title="Xu hướng thị trường" data-language-autonym="Tiếng Việt" data-language-local-name="Vietnamese" class="interlanguage-link-target"><span>Tiếng Việt</span></a></li><li class="interlanguage-link interwiki-zh-yue mw-list-item"><a href="https://zh-yue.wikipedia.org/wiki/%E5%B8%82%E5%A0%B4%E8%B6%A8%E5%8B%A2" title="市場趨勢 – Cantonese" lang="yue" hreflang="yue" data-title="市場趨勢" data-language-autonym="粵語" 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.hatnote{font-style:italic}.mw-parser-output div.hatnote{padding-left:1.6em;margin-bottom:0.5em}.mw-parser-output .hatnote i{font-style:normal}.mw-parser-output .hatnote+link+.hatnote{margin-top:-0.5em}@media print{body.ns-0 .mw-parser-output .hatnote{display:none!important}}</style><div role="note" class="hatnote navigation-not-searchable">This article is about market trend in finance. For the trend of a market that is used in a company's planning activities, especially regarding inventory decisions, purchasing, facility expansion, and promotional activities, see <a href="/wiki/Market_analysis" title="Market analysis">Market analysis</a>.</div> <p>A <b>market trend</b> is a perceived tendency of the <a href="/wiki/Financial_market" title="Financial market">financial markets</a> to move in a particular direction over time.<sup id="cite_ref-course_1-0" class="reference"><a href="#cite_note-course-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup> Analysts classify these trends as <i>secular</i> for long time-frames, <i>primary</i> for medium time-frames, and <i>secondary</i> for short time-frames.<sup id="cite_ref-Edwards_2-0" class="reference"><a href="#cite_note-Edwards-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> Traders attempt to identify market trends using <a href="/wiki/Technical_analysis" title="Technical analysis">technical analysis</a>, a framework which characterizes market trends as predictable price tendencies within the market when price reaches <a href="/wiki/Support_and_resistance" title="Support and resistance">support and resistance</a> levels, varying over time. </p><p>A future market trend can only be determined in hindsight, since at any time prices in the future are not known. Past trends are identified by drawing lines, known as trendlines, that connect price action making higher highs and higher lows for an uptrend, or lower lows and lower highs for a downtrend. </p> <meta property="mw:PageProp/toc" /> <div class="mw-heading mw-heading2"><h2 id="Market_terminology">Market terminology</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_trend&action=edit&section=1" title="Edit section: Market terminology"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Bulle_und_B%C3%A4r_Frankfurt.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/Bulle_und_B%C3%A4r_Frankfurt.jpg/220px-Bulle_und_B%C3%A4r_Frankfurt.jpg" decoding="async" width="220" height="146" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/4/45/Bulle_und_B%C3%A4r_Frankfurt.jpg/330px-Bulle_und_B%C3%A4r_Frankfurt.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/4/45/Bulle_und_B%C3%A4r_Frankfurt.jpg/440px-Bulle_und_B%C3%A4r_Frankfurt.jpg 2x" data-file-width="3008" data-file-height="2000" /></a><figcaption>Statues of the two symbolic beasts of finance, the bear and the bull, in front of the <a href="/wiki/Frankfurt_Stock_Exchange" title="Frankfurt Stock Exchange">Frankfurt Stock Exchange</a></figcaption></figure> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">Further information: <a href="/wiki/Bull_(stock_market_speculator)" title="Bull (stock market speculator)">Bull (stock market speculator)</a> and <a href="/wiki/Bull%E2%80%93bear_line" title="Bull–bear line">Bull–bear line</a></div> <p>The terms "bull market" and "bear market" describe upward and downward market trends, respectively,<sup id="cite_ref-3" class="reference"><a href="#cite_note-3"><span class="cite-bracket">[</span>3<span class="cite-bracket">]</span></a></sup> and can be used to describe either the market as a whole or specific sectors and securities.<sup id="cite_ref-Edwards_2-1" class="reference"><a href="#cite_note-Edwards-2"><span class="cite-bracket">[</span>2<span class="cite-bracket">]</span></a></sup> The terms come from London's <a href="/wiki/Exchange_Alley" title="Exchange Alley">Exchange Alley</a> in the early 18th century, where traders who engaged in <a href="/wiki/Naked_short_selling" title="Naked short selling">naked short selling</a> were called "bear-skin jobbers" because they sold a bear's skin (the shares) before catching the bear. This was simplified to "bears," while traders who bought shares on credit were called "bulls." The latter term might have originated by analogy to <a href="/wiki/Bear-baiting" title="Bear-baiting">bear-baiting</a> and <a href="/wiki/Bull-baiting" title="Bull-baiting">bull-baiting</a>, two animal fighting sports of the time.<sup id="cite_ref-4" class="reference"><a href="#cite_note-4"><span class="cite-bracket">[</span>4<span class="cite-bracket">]</span></a></sup> <a href="/wiki/Thomas_Mortimer_(writer)" title="Thomas Mortimer (writer)">Thomas Mortimer</a> recorded both terms in his 1761 book <i><a href="/wiki/Every_Man_His_Own_Broker" title="Every Man His Own Broker">Every Man His Own Broker</a></i>. He remarked that bulls who bought in excess of present demand might be seen wandering among brokers' offices moaning for a buyer, while bears rushed about devouring any shares they could find to close their short positions. An unrelated <a href="/wiki/Folk_etymology" title="Folk etymology">folk etymology</a> supposes that the terms refer to a bear clawing downward to attack and a bull bucking upward with its horns.<sup id="cite_ref-course_1-1" class="reference"><a href="#cite_note-course-1"><span class="cite-bracket">[</span>1<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-Investopedia_5-0" class="reference"><a href="#cite_note-Investopedia-5"><span class="cite-bracket">[</span>5<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Secular_trends">Secular trends</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_trend&action=edit&section=2" title="Edit section: Secular trends"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A secular market trend is a lasting long-term trend that lasts 5 to 25 years and consists of a series of primary trends. A secular bear market consists of smaller bull markets and larger bear markets; a secular bull market consists of larger bull markets and smaller bear markets. </p><p>In a secular bull market, the prevailing trend is "bullish" or upward-moving. The United States <a href="/wiki/Stock_market" title="Stock market">stock market</a> was described as being in a secular bull market from about 1983 to 2000 (or 2007), with brief upsets including <a href="/wiki/Black_Monday_(1987)" title="Black Monday (1987)">Black Monday</a> and the <a href="/wiki/Stock_market_downturn_of_2002" title="Stock market downturn of 2002">Stock market downturn of 2002</a>, triggered by the crash of the <a href="/wiki/Dot-com_bubble" title="Dot-com bubble">dot-com bubble</a>. Another example is the <a href="/wiki/2000s_commodities_boom" title="2000s commodities boom">2000s commodities boom</a>. </p><p>In a secular bear market, the prevailing trend is "bearish" or downward-moving. An example of a secular bear market occurred in gold from January 1980 to June 1999, culminating with the <a href="/wiki/Brown_Bottom" class="mw-redirect" title="Brown Bottom">Brown Bottom</a>. During this period, the market price of gold fell from a high of $850/oz ($30/g) to a low of $253/oz ($9/g).<sup id="cite_ref-6" class="reference"><a href="#cite_note-6"><span class="cite-bracket">[</span>6<span class="cite-bracket">]</span></a></sup> The stock market was also described as being in a secular bear market from 1929 to 1949. </p> <div class="mw-heading mw-heading2"><h2 id="Primary_trends">Primary trends</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_trend&action=edit&section=3" title="Edit section: Primary trends"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><span class="anchor" id="Primary_trends"></span> A primary trend has broad support throughout the entire market, across most sectors, and lasts for a year or more. </p> <div class="mw-heading mw-heading3"><h3 id="Bull_market">Bull market</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_trend&action=edit&section=4" title="Edit section: Bull market"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Wall_Street_bubbles_-_Always_the_same_-_Keppler_1901.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/3/36/Wall_Street_bubbles_-_Always_the_same_-_Keppler_1901.jpg/220px-Wall_Street_bubbles_-_Always_the_same_-_Keppler_1901.jpg" decoding="async" width="220" height="148" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/36/Wall_Street_bubbles_-_Always_the_same_-_Keppler_1901.jpg/330px-Wall_Street_bubbles_-_Always_the_same_-_Keppler_1901.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/36/Wall_Street_bubbles_-_Always_the_same_-_Keppler_1901.jpg/440px-Wall_Street_bubbles_-_Always_the_same_-_Keppler_1901.jpg 2x" data-file-width="3947" data-file-height="2664" /></a><figcaption>A 1901 cartoon depicting financier <a href="/wiki/J._P._Morgan" title="J. P. Morgan">J. P. Morgan</a> as a bull with eager investors</figcaption></figure> <link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236090951"><div role="note" class="hatnote navigation-not-searchable">See also: <a href="/wiki/Bull_(stock_market_speculator)" title="Bull (stock market speculator)">Bull (stock market speculator)</a></div> <p>A bull market is a period of generally rising prices. The start of a bull market is marked by widespread <a href="/wiki/Pessimism" title="Pessimism">pessimism</a>. This point is when the "crowd" is the most "bearish".<sup id="cite_ref-7" class="reference"><a href="#cite_note-7"><span class="cite-bracket">[</span>7<span class="cite-bracket">]</span></a></sup> The feeling of despondency changes to hope, "optimism", and eventually euphoria as the bull runs its course.<sup id="cite_ref-8" class="reference"><a href="#cite_note-8"><span class="cite-bracket">[</span>8<span class="cite-bracket">]</span></a></sup> This often leads the economic cycle, for example, in a full <a href="/wiki/Recession" title="Recession">recession</a>, or earlier. </p><p>Generally, bull markets begin when stocks rise 20% from their low and end when stocks experience a 20% drawdown.<sup id="cite_ref-9" class="reference"><a href="#cite_note-9"><span class="cite-bracket">[</span>9<span class="cite-bracket">]</span></a></sup> However, some analysts suggest a bull market cannot happen within a bear market.<sup id="cite_ref-10" class="reference"><a href="#cite_note-10"><span class="cite-bracket">[</span>10<span class="cite-bracket">]</span></a></sup> </p><p>An analysis of <a href="/wiki/Morningstar,_Inc." title="Morningstar, Inc.">Morningstar, Inc.</a> stock market data from 1926 to 2014 revealed that, on average, a typical bull market lasted 8.5 years with a cumulative total return averaging 458%. Additionally, annualized gains for bull markets ranged from 14.9% to 34.1%. </p> <div class="mw-heading mw-heading4"><h4 id="Examples">Examples</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_trend&action=edit&section=5" title="Edit section: Examples"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <dl><dd>India's <a href="/wiki/Bombay_Stock_Exchange" title="Bombay Stock Exchange">Bombay Stock Exchange</a> Index, <a href="/wiki/BSE_SENSEX" title="BSE SENSEX">BSE SENSEX</a>, experienced a major bull market trend from April 2003 to January 2008. It increased from 2,900 points to 21,000 points, representing a more than 600% return in 5 years.<sup id="cite_ref-BSE-history_11-0" class="reference"><a href="#cite_note-BSE-history-11"><span class="cite-bracket">[</span>11<span class="cite-bracket">]</span></a></sup></dd> <dd></dd> <dd>Notable bull markets characterized the 1925–1929, 1953–1957, and 1993–1997 periods when the U.S. and many other stock markets experienced significant growth. While the first period ended abruptly with the start of the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a>, the end of the later time periods were mostly periods of <a href="/wiki/Soft_landing_(economics)" title="Soft landing (economics)">soft landing</a>, which became large bear markets. (see: <a href="/wiki/Recession_of_1960%E2%80%9361" class="mw-redirect" title="Recession of 1960–61">Recession of 1960–61</a> and the <a href="/wiki/Dot-com_bubble" title="Dot-com bubble">dot-com bubble</a> in 2000–2001)</dd></dl> <div class="mw-heading mw-heading3"><h3 id="Bear_market">Bear market</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_trend&action=edit&section=6" title="Edit section: Bear market"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size mw-halign-right" typeof="mw:File/Thumb"><a href="/wiki/File:Bear_Sculpture_IFSC_House.jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/8/83/Bear_Sculpture_IFSC_House.jpg/220px-Bear_Sculpture_IFSC_House.jpg" decoding="async" width="220" height="178" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/8/83/Bear_Sculpture_IFSC_House.jpg/330px-Bear_Sculpture_IFSC_House.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/8/83/Bear_Sculpture_IFSC_House.jpg/440px-Bear_Sculpture_IFSC_House.jpg 2x" data-file-width="4787" data-file-height="3864" /></a><figcaption>Sculpture of stock market bear outside <a href="/wiki/International_Financial_Services_Centre,_Dublin" title="International Financial Services Centre, Dublin">International Financial Services Centre</a>, Dublin</figcaption></figure> <p>A bear market is a general decline in the stock market over a period of time.<sup id="cite_ref-12" class="reference"><a href="#cite_note-12"><span class="cite-bracket">[</span>12<span class="cite-bracket">]</span></a></sup> It involves a transition from high investor <a href="/wiki/Optimism" title="Optimism">optimism</a> to widespread investor fear and pessimism. One generally accepted measure of a bear market is a price decline of 20% or more over at least a two-month period.<sup id="cite_ref-13" class="reference"><a href="#cite_note-13"><span class="cite-bracket">[</span>13<span class="cite-bracket">]</span></a></sup> </p><p>A decline of 10% to 20% is classified as a <a href="/wiki/Market_correction" title="Market correction">correction</a>. </p><p>Bear markets conclude when stocks recover, reaching new highs.<sup id="cite_ref-14" class="reference"><a href="#cite_note-14"><span class="cite-bracket">[</span>14<span class="cite-bracket">]</span></a></sup> The bear market is then assessed retrospectively from the recent highs to the lowest closing price,<sup id="cite_ref-15" class="reference"><a href="#cite_note-15"><span class="cite-bracket">[</span>15<span class="cite-bracket">]</span></a></sup> and its recovery period spans from the lowest closing price to the attainment of new highs. Another commonly accepted indicator of the end of a bear market is indices gaining 20% or more from their low.<sup id="cite_ref-16" class="reference"><a href="#cite_note-16"><span class="cite-bracket">[</span>16<span class="cite-bracket">]</span></a></sup><sup id="cite_ref-17" class="reference"><a href="#cite_note-17"><span class="cite-bracket">[</span>17<span class="cite-bracket">]</span></a></sup> </p><p>From 1926 to 2014, the average duration of a bear market was 13 months, accompanied by an average cumulative loss of 30%. Annualized declines for bear markets ranged from −19.7% to −47%.<sup id="cite_ref-18" class="reference"><a href="#cite_note-18"><span class="cite-bracket">[</span>18<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Examples_2">Examples</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_trend&action=edit&section=7" title="Edit section: Examples"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Some examples of a bear market include: </p> <ul><li>The <a href="/wiki/Wall_Street_Crash_of_1929" class="mw-redirect" title="Wall Street Crash of 1929">Wall Street Crash of 1929</a>, which erased 89% (from 386 to 40) of the <a href="/wiki/Dow_Jones_Industrial_Average" title="Dow Jones Industrial Average">Dow Jones Industrial Average</a>'s <a href="/wiki/Market_capitalization" title="Market capitalization">market capitalization</a> by July 1932, marking the start of the <a href="/wiki/Great_Depression" title="Great Depression">Great Depression</a>. After regaining nearly 50% of its losses, a longer bear market from 1937 to 1942 occurred in which the market was again cut in half.</li> <li>A long-term bear market occurred from about 1973 to 1982, encompassing the <a href="/wiki/1970s_energy_crisis" title="1970s energy crisis">1970s energy crisis</a> and the high unemployment of the early 1980s.</li> <li>A bear market occurred in India following the <a href="/wiki/1992_Indian_stock_market_scam" title="1992 Indian stock market scam">1992 Indian stock market scam</a> committed by <a href="/wiki/Harshad_Mehta" title="Harshad Mehta">Harshad Mehta</a>.</li> <li>The <a href="/wiki/Stock_market_downturn_of_2002" title="Stock market downturn of 2002">Stock market downturn of 2002</a>.</li> <li>As a result of the <a href="/wiki/Financial_crisis_of_2007%E2%80%932008" class="mw-redirect" title="Financial crisis of 2007–2008">financial crisis of 2007–2008</a>, a bear market occurred between October 2007 and March 2009.</li> <li>The <a href="/wiki/2015_Chinese_stock_market_crash" class="mw-redirect" title="2015 Chinese stock market crash">2015 Chinese stock market crash</a>.</li> <li>In early 2020, as a result of the <a href="/wiki/COVID-19_pandemic" title="COVID-19 pandemic">COVID-19 pandemic</a>, multiple <a href="/wiki/2020_stock_market_crash" title="2020 stock market crash">stock market crashes</a> have led to bear markets across the world.</li> <li>In 2022, concerns over an <a href="/wiki/2021%E2%80%932022_inflation_surge" class="mw-redirect" title="2021–2022 inflation surge">inflation surge</a> and potential rises of the <a href="/wiki/Federal_funds_rate" title="Federal funds rate">federal funds rate</a> caused a bear market.<sup id="cite_ref-19" class="reference"><a href="#cite_note-19"><span class="cite-bracket">[</span>19<span class="cite-bracket">]</span></a></sup></li></ul> <div class="mw-heading mw-heading3"><h3 id="Market_top">Market top</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_trend&action=edit&section=8" title="Edit section: Market top"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A market top (or market high) is usually not a dramatic event. The market has simply reached the highest point that it will, for some time. This identification is retrospective, as market participants are generally unaware of it when it occurs. Thus prices subsequently fall, either slowly or more rapidly. </p><p>According to <a href="/wiki/William_O%27Neil" title="William O'Neil">William O'Neil</a>, since the 1950s, a market top is characterized by three to five distribution days in a major <a href="/wiki/Stock_market_index" title="Stock market index">stock market index</a> occurring within a relatively short period of time. Distribution is identified as a decline in price with higher volume than the preceding session.<sup id="cite_ref-20" class="reference"><a href="#cite_note-20"><span class="cite-bracket">[</span>20<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Examples_3">Examples</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_trend&action=edit&section=9" title="Edit section: Examples"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The peak of the <a href="/wiki/Dot-com_bubble" title="Dot-com bubble">dot-com bubble</a>, as measured by the <a href="/wiki/NASDAQ-100" class="mw-redirect" title="NASDAQ-100">NASDAQ-100</a>, occurred on March 24, 2000, when the index closed at 4,704.73. The <a href="/wiki/Nasdaq" title="Nasdaq">Nasdaq</a> peaked at 5,132.50 and the <a href="/wiki/S%26P_500_Index" class="mw-redirect" title="S&P 500 Index">S&P 500 Index</a> at 1525.20. </p><p>The peak of the U.S. stock market before the <a href="/wiki/Financial_crisis_of_2007%E2%80%932008" class="mw-redirect" title="Financial crisis of 2007–2008">financial crisis of 2007–2008</a> occurred on October 9, 2007. The <a href="/wiki/S%26P_500_Index" class="mw-redirect" title="S&P 500 Index">S&P 500 Index</a> closed at 1,565 and the NASDAQ at 2,861.50. </p> <div class="mw-heading mw-heading3"><h3 id="Market_bottom">Market bottom</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_trend&action=edit&section=10" title="Edit section: Market bottom"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>A market bottom marks a trend reversal, signifying the end of a market downturn and the commencement of an upward-moving trend (bull market). </p><p>Identifying a market bottom, often referred to as 'bottom picking,' is a challenging task, as it's difficult to recognize before it passes. The upturn following a decline may be short-lived, and prices might resume their descent, resulting in a loss for the investor who purchased stocks during a misperceived or 'false' market bottom. </p><p><a href="/wiki/Nathan_Rothschild,_1st_Baron_Rothschild" title="Nathan Rothschild, 1st Baron Rothschild">Baron Rothschild</a> is often quoted as advising that the best time to buy is when there is 'blood in the streets'—that is, when the markets have fallen drastically and investor sentiment is extremely negative.<sup id="cite_ref-21" class="reference"><a href="#cite_note-21"><span class="cite-bracket">[</span>21<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading4"><h4 id="Examples_4">Examples</h4><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_trend&action=edit&section=11" title="Edit section: Examples"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <figure class="mw-default-size" typeof="mw:File/Thumb"><a href="/wiki/File:The_Battles_of_Bulls_and_Bears_(Harper%27s_Weekly,_September_10,_1864).jpg" class="mw-file-description"><img src="//upload.wikimedia.org/wikipedia/commons/thumb/3/3a/The_Battles_of_Bulls_and_Bears_%28Harper%27s_Weekly%2C_September_10%2C_1864%29.jpg/220px-The_Battles_of_Bulls_and_Bears_%28Harper%27s_Weekly%2C_September_10%2C_1864%29.jpg" decoding="async" width="220" height="162" class="mw-file-element" srcset="//upload.wikimedia.org/wikipedia/commons/thumb/3/3a/The_Battles_of_Bulls_and_Bears_%28Harper%27s_Weekly%2C_September_10%2C_1864%29.jpg/330px-The_Battles_of_Bulls_and_Bears_%28Harper%27s_Weekly%2C_September_10%2C_1864%29.jpg 1.5x, //upload.wikimedia.org/wikipedia/commons/thumb/3/3a/The_Battles_of_Bulls_and_Bears_%28Harper%27s_Weekly%2C_September_10%2C_1864%29.jpg/440px-The_Battles_of_Bulls_and_Bears_%28Harper%27s_Weekly%2C_September_10%2C_1864%29.jpg 2x" data-file-width="1530" data-file-height="1129" /></a><figcaption>The Battle of the Bulls and Bears (<i>Harper's Weekly</i>, September 10, 1864)</figcaption></figure> <p>Some more examples of market bottoms, in terms of the closing values of the <a href="/wiki/Dow_Jones_Industrial_Average" title="Dow Jones Industrial Average">Dow Jones Industrial Average</a> (DJIA) include: </p> <ul><li>The Dow Jones Industrial Average hit a bottom at 1,738.74 on October 19, 1987, following a decline from 2,722.41 on August 25, 1987. This day is commonly referred to as Black Monday (chart<sup id="cite_ref-22" class="reference"><a href="#cite_note-22"><span class="cite-bracket">[</span>22<span class="cite-bracket">]</span></a></sup>).</li> <li>A bottom of 7,286.27 was reached on the DJIA on October 9, 2002, following a decline from 11,722.98 on January 14, 2000. This decline included an intermediate bottom of 8,235.81 on September 21, 2001 (a 14% change from September 10), leading to an intermediate top of 10,635.25 on March 19, 2002 (chart<sup id="cite_ref-23" class="reference"><a href="#cite_note-23"><span class="cite-bracket">[</span>23<span class="cite-bracket">]</span></a></sup>). Meanwhile, the "tech-heavy" Nasdaq experienced a more precipitous fall, declining 79% from its peak of 5,132 on March 10, 2000, to its bottom of 1,108 on October 10, 2002.</li> <li>A bottom of 6,440.08 (DJIA) on 9 March 2009 was reached after a decline associated with the <a href="/wiki/Subprime_mortgage_crisis" title="Subprime mortgage crisis">subprime mortgage crisis</a> starting at 14164.41 on 9 October 2007 (chart<sup id="cite_ref-24" class="reference"><a href="#cite_note-24"><span class="cite-bracket">[</span>24<span class="cite-bracket">]</span></a></sup>).</li></ul> <div class="mw-heading mw-heading2"><h2 id="Secondary_trends">Secondary trends</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_trend&action=edit&section=12" title="Edit section: Secondary trends"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Secondary trends are short-term changes in price direction within a primary trend, typically lasting for a few weeks or a few months. </p> <div class="mw-heading mw-heading3"><h3 id="Bear_market_rally">Bear market rally</h3><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_trend&action=edit&section=13" title="Edit section: Bear market rally"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>Similarly, a bear market <a href="/wiki/Rally_(stock_market)" title="Rally (stock market)">rally</a>, sometimes referred to as a 'sucker's rally' or '<a href="/wiki/Dead_cat_bounce" title="Dead cat bounce">dead cat bounce</a>', is characterized by a price increase of 5% or more before prices fall again.<sup id="cite_ref-25" class="reference"><a href="#cite_note-25"><span class="cite-bracket">[</span>25<span class="cite-bracket">]</span></a></sup> Bear market rallies were observed in the <a href="/wiki/Dow_Jones_Industrial_Average" title="Dow Jones Industrial Average">Dow Jones Industrial Average</a> index after the <a href="/wiki/Wall_Street_Crash_of_1929" class="mw-redirect" title="Wall Street Crash of 1929">Wall Street Crash of 1929</a>, leading down to the market bottom in 1932, and throughout the late 1960s and early 1970s. The Japanese <a href="/wiki/Nikkei_225" title="Nikkei 225">Nikkei 225</a> has had several bear-market rallies between the 1980s and 2011, while undergoing an overall long-term downward trend.<sup id="cite_ref-26" class="reference"><a href="#cite_note-26"><span class="cite-bracket">[</span>26<span class="cite-bracket">]</span></a></sup> </p> <div class="mw-heading mw-heading2"><h2 id="Causes_of_market_trends">Causes of market trends</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_trend&action=edit&section=14" title="Edit section: Causes of market trends"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p>The price of assets, such as stocks, is determined by supply and demand. By definition, the market balances buyers and sellers, making it impossible to have 'more buyers than sellers' or vice versa, despite the common use of that expression. During a surge in demand, buyers are willing to pay higher prices, while sellers seek higher prices in return. Conversely, in a surge in supply, the dynamics are reversed. </p><p><a href="/wiki/Supply_and_demand" title="Supply and demand">Supply and demand</a> dynamics vary as investors attempt to reallocate their investments between asset types. For instance, investors may seek to move funds from government bonds to 'tech' stocks, but the success of this shift depends on finding buyers for the <a href="/wiki/Government_bond" title="Government bond">government bonds</a> they are selling. Conversely, they might aim to move funds from 'tech' stocks to government bonds at another time. In each case, these actions influence the prices of both asset types. </p><p>Ideally, investors aim to use <a href="/wiki/Market_timing" title="Market timing">market timing</a> to buy low and sell high, but in practice, they may end up buying high and selling low.<sup id="cite_ref-27" class="reference"><a href="#cite_note-27"><span class="cite-bracket">[</span>27<span class="cite-bracket">]</span></a></sup> Contrarian investors and traders employ a strategy of 'fading' investors' actions—buying when others are selling and selling when others are buying. A period when most investors are selling stocks is known as distribution, while a period when most investors are buying stocks is known as accumulation. </p><p>"According to standard theory, a decrease in price typically leads to less supply and more demand, while an increase in price has the opposite effect. While this principle holds true for many assets, it often operates in reverse for stocks due to the common mistake made by investors—buying high in a state of euphoria and selling low in a state of fear or panic, driven by the herding instinct. In cases where an increase in price leads to an increase in demand, or a decrease in price leads to an increase in supply, the expected <a href="/wiki/Negative_feedback" title="Negative feedback">negative feedback</a> loop is disrupted, resulting in price instability.<sup id="cite_ref-28" class="reference"><a href="#cite_note-28"><span class="cite-bracket">[</span>28<span class="cite-bracket">]</span></a></sup> This phenomenon is evident in bubbles or market crashes. </p> <div class="mw-heading mw-heading2"><h2 id="Market_sentiment">Market sentiment</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_trend&action=edit&section=15" title="Edit section: Market sentiment"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <p><a href="/wiki/Market_sentiment" title="Market sentiment">Market sentiment</a> is a <a href="/wiki/Contrarian_investing" title="Contrarian investing">contrarian</a> stock market indicator. </p><p>When an extremely high proportion of investors express a bearish (negative) sentiment, some analysts consider it to be a strong signal that a market bottom may be near.<sup id="cite_ref-29" class="reference"><a href="#cite_note-29"><span class="cite-bracket">[</span>29<span class="cite-bracket">]</span></a></sup> <a href="/wiki/David_Hirshleifer" title="David Hirshleifer">David Hirshleifer</a> observes a trend phenomenon that follows a path starting with under-reaction and culminating in overreaction by investors and traders. </p><p>Indicators that measure investor sentiment may include:<sup class="noprint Inline-Template Template-Fact" style="white-space:nowrap;">[<i><a href="/wiki/Wikipedia:Citation_needed" title="Wikipedia:Citation needed"><span title="This claim needs references to reliable sources. (October 2024)">citation needed</span></a></i>]</sup> </p> <ul><li>The Investor Intelligence Sentiment Index evaluates market sentiment through the Bull-Bear spread (% of Bulls − % of Bears). A close-to-historic-low spread may signal a bottom, indicating a potential market turnaround. Conversely, an extreme high in bullish sentiment and an extreme low in bearish sentiment may suggest a market top or an imminent occurrence. This contrarian measure is more reliable for coincidental timing at market lows than at market tops.</li> <li>The <a href="/wiki/American_Association_of_Individual_Investors" title="American Association of Individual Investors">American Association of Individual Investors</a> (AAII) sentiment indicator is often interpreted to suggest that the majority of the decline has already occurred when it gives a reading of minus 15% or below.</li> <li>Other sentiment indicators include the Nova-Ursa ratio, the Short Interest/Total Market Float, and the <a href="/wiki/Put/call_ratio" title="Put/call ratio">put/call ratio</a>.</li></ul> <div class="mw-heading mw-heading2"><h2 id="See_also">See also</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_trend&action=edit&section=16" title="Edit section: See also"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1184024115">.mw-parser-output .div-col{margin-top:0.3em;column-width:30em}.mw-parser-output .div-col-small{font-size:90%}.mw-parser-output .div-col-rules{column-rule:1px solid #aaa}.mw-parser-output .div-col dl,.mw-parser-output .div-col ol,.mw-parser-output .div-col ul{margin-top:0}.mw-parser-output .div-col li,.mw-parser-output .div-col dd{page-break-inside:avoid;break-inside:avoid-column}</style><div class="div-col" style="column-width: 22em;"> <ul><li><a href="/wiki/Animal_spirits_(Keynes)" title="Animal spirits (Keynes)">Animal spirits</a></li> <li><a href="/wiki/Black_Monday_(1987)" title="Black Monday (1987)">Black Monday</a></li> <li><a href="/wiki/Bull-bear_line" class="mw-redirect" title="Bull-bear line">Bull-bear line</a></li> <li><a href="/wiki/Business_cycle" title="Business cycle">Business cycle</a></li> <li><a href="/wiki/Don%27t_fight_the_tape" class="mw-redirect" title="Don't fight the tape">Don't fight the tape</a></li> <li><a href="/wiki/Economic_Cycle_Research_Institute" title="Economic Cycle Research Institute">Economic Cycle Research Institute</a></li> <li><a href="/wiki/Economic_expansion" title="Economic expansion">Economic expansion</a></li> <li><a href="/wiki/Herd_mentality" title="Herd mentality">Herd mentality</a></li> <li><a href="/wiki/Market_sentiment" title="Market sentiment">Market sentiment</a></li> <li><a href="/wiki/Michael_Ewing_Purves" title="Michael Ewing Purves">Michael Ewing Purves</a>, developed the "Wolf Market" framework</li> <li><a href="/wiki/Mr._Market" title="Mr. Market">Mr. Market</a></li> <li><a href="/wiki/Real_estate_trends" title="Real estate trends">Real estate trends</a></li> <li><a href="/wiki/Recession" title="Recession">Recession</a></li> <li><a href="/wiki/Trend_following" title="Trend following">Trend following</a></li></ul> </div> <div class="mw-heading mw-heading2"><h2 id="References">References</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_trend&action=edit&section=17" title="Edit section: References"><span>edit</span></a><span class="mw-editsection-bracket">]</span></span></div> <style data-mw-deduplicate="TemplateStyles:r1239543626">.mw-parser-output .reflist{margin-bottom:0.5em;list-style-type:decimal}@media screen{.mw-parser-output .reflist{font-size:90%}}.mw-parser-output .reflist .references{font-size:100%;margin-bottom:0;list-style-type:inherit}.mw-parser-output .reflist-columns-2{column-width:30em}.mw-parser-output .reflist-columns-3{column-width:25em}.mw-parser-output .reflist-columns{margin-top:0.3em}.mw-parser-output .reflist-columns ol{margin-top:0}.mw-parser-output .reflist-columns li{page-break-inside:avoid;break-inside:avoid-column}.mw-parser-output .reflist-upper-alpha{list-style-type:upper-alpha}.mw-parser-output .reflist-upper-roman{list-style-type:upper-roman}.mw-parser-output .reflist-lower-alpha{list-style-type:lower-alpha}.mw-parser-output .reflist-lower-greek{list-style-type:lower-greek}.mw-parser-output .reflist-lower-roman{list-style-type:lower-roman}</style><div class="reflist reflist-columns references-column-width reflist-columns-2"> <ol class="references"> <li id="cite_note-course-1"><span class="mw-cite-backlink">^ <a href="#cite_ref-course_1-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-course_1-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><style data-mw-deduplicate="TemplateStyles:r1238218222">.mw-parser-output cite.citation{font-style:inherit;word-wrap:break-word}.mw-parser-output .citation q{quotes:"\"""\"""'""'"}.mw-parser-output .citation:target{background-color:rgba(0,127,255,0.133)}.mw-parser-output .id-lock-free.id-lock-free a{background:url("//upload.wikimedia.org/wikipedia/commons/6/65/Lock-green.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-limited.id-lock-limited a,.mw-parser-output .id-lock-registration.id-lock-registration a{background:url("//upload.wikimedia.org/wikipedia/commons/d/d6/Lock-gray-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .id-lock-subscription.id-lock-subscription a{background:url("//upload.wikimedia.org/wikipedia/commons/a/aa/Lock-red-alt-2.svg")right 0.1em center/9px no-repeat}.mw-parser-output .cs1-ws-icon a{background:url("//upload.wikimedia.org/wikipedia/commons/4/4c/Wikisource-logo.svg")right 0.1em center/12px no-repeat}body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-free a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-limited a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-registration a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .id-lock-subscription a,body:not(.skin-timeless):not(.skin-minerva) .mw-parser-output .cs1-ws-icon a{background-size:contain;padding:0 1em 0 0}.mw-parser-output .cs1-code{color:inherit;background:inherit;border:none;padding:inherit}.mw-parser-output .cs1-hidden-error{display:none;color:var(--color-error,#d33)}.mw-parser-output .cs1-visible-error{color:var(--color-error,#d33)}.mw-parser-output .cs1-maint{display:none;color:#085;margin-left:0.3em}.mw-parser-output .cs1-kern-left{padding-left:0.2em}.mw-parser-output .cs1-kern-right{padding-right:0.2em}.mw-parser-output .citation .mw-selflink{font-weight:inherit}@media screen{.mw-parser-output .cs1-format{font-size:95%}html.skin-theme-clientpref-night .mw-parser-output .cs1-maint{color:#18911f}}@media screen and (prefers-color-scheme:dark){html.skin-theme-clientpref-os .mw-parser-output .cs1-maint{color:#18911f}}</style><cite id="CITEREFFontanillsGentile2001" class="citation book cs1">Fontanills, George; Gentile, Tommy (2001). <a rel="nofollow" class="external text" href="https://books.google.com/books?id=gtrLvlojNzIC&pg=PA91"><i>The Stock Market Course</i></a>. <a href="/wiki/Wiley_(publisher)" title="Wiley (publisher)">Wiley</a>. p. 91. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/9780471036708" title="Special:BookSources/9780471036708"><bdi>9780471036708</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=The+Stock+Market+Course&rft.pages=91&rft.pub=Wiley&rft.date=2001&rft.isbn=9780471036708&rft.aulast=Fontanills&rft.aufirst=George&rft.au=Gentile%2C+Tommy&rft_id=https%3A%2F%2Fbooks.google.com%2Fbooks%3Fid%3DgtrLvlojNzIC%26pg%3DPA91&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMarket+trend" class="Z3988"></span></span> </li> <li id="cite_note-Edwards-2"><span class="mw-cite-backlink">^ <a href="#cite_ref-Edwards_2-0"><sup><i><b>a</b></i></sup></a> <a href="#cite_ref-Edwards_2-1"><sup><i><b>b</b></i></sup></a></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFEdwardsMcGeeBessetti2018" class="citation book cs1">Edwards, Robert D.; McGee, John; Bessetti, W. 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Asia Nikkei.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=unknown&rft.btitle=30+years+since+Japan%27s+stock+market+peaked%2C+climb+back+continues&rft.pub=Asia+Nikkei&rft.au=Masayuki+Tamura&rft_id=https%3A%2F%2Fasia.nikkei.com%2FSpotlight%2FDatawatch%2F30-years-since-Japan-s-stock-market-peaked-climb-back-continues&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMarket+trend" class="Z3988"></span></span> </li> <li id="cite_note-27"><span class="mw-cite-backlink"><b><a href="#cite_ref-27">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFKinnel2019" class="citation news cs1">Kinnel, Russel (August 15, 2019). <a rel="nofollow" class="external text" href="https://www.morningstar.com/articles/942396/mind-the-gap-2019">"Mind the Gap 2019"</a>. <i><a href="/wiki/Morningstar,_Inc." title="Morningstar, Inc.">Morningstar, Inc.</a></i><span class="reference-accessdate"> Retrieved <span class="nowrap">May 14,</span> 2020</span>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=Morningstar%2C+Inc.&rft.atitle=Mind+the+Gap+2019&rft.date=2019-08-15&rft.aulast=Kinnel&rft.aufirst=Russel&rft_id=https%3A%2F%2Fwww.morningstar.com%2Farticles%2F942396%2Fmind-the-gap-2019&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMarket+trend" class="Z3988"></span></span> </li> <li id="cite_note-28"><span class="mw-cite-backlink"><b><a href="#cite_ref-28">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFWilcoxFabozzi2013" class="citation book cs1">Wilcox, Jarrod; Fabozzi, Frank J. (2013). <i>Financial advice and investment decisions: a manifesto for change</i>. The Frank J. Fabozzi series. Hoboken, NJ: Wiley. <a href="/wiki/ISBN_(identifier)" class="mw-redirect" title="ISBN (identifier)">ISBN</a> <a href="/wiki/Special:BookSources/978-1-118-41532-0" title="Special:BookSources/978-1-118-41532-0"><bdi>978-1-118-41532-0</bdi></a>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Abook&rft.genre=book&rft.btitle=Financial+advice+and+investment+decisions%3A+a+manifesto+for+change&rft.place=Hoboken%2C+NJ&rft.series=The+Frank+J.+Fabozzi+series&rft.pub=Wiley&rft.date=2013&rft.isbn=978-1-118-41532-0&rft.aulast=Wilcox&rft.aufirst=Jarrod&rft.au=Fabozzi%2C+Frank+J.&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMarket+trend" class="Z3988"></span></span> </li> <li id="cite_note-29"><span class="mw-cite-backlink"><b><a href="#cite_ref-29">^</a></b></span> <span class="reference-text"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1238218222"><cite id="CITEREFHulbert2008" class="citation news cs1"><a href="/wiki/Mark_Hulbert" title="Mark Hulbert">Hulbert, Mark</a> (November 12, 2008). <span class="id-lock-subscription" title="Paid subscription required"><a rel="nofollow" class="external text" href="https://www.wsj.com/articles/SB122652105098621685">"Trying to Plumb a Bottom"</a></span>. <i><a href="/wiki/The_Wall_Street_Journal" title="The Wall Street Journal">The Wall Street Journal</a></i>.</cite><span title="ctx_ver=Z39.88-2004&rft_val_fmt=info%3Aofi%2Ffmt%3Akev%3Amtx%3Ajournal&rft.genre=article&rft.jtitle=The+Wall+Street+Journal&rft.atitle=Trying+to+Plumb+a+Bottom&rft.date=2008-11-12&rft.aulast=Hulbert&rft.aufirst=Mark&rft_id=https%3A%2F%2Fwww.wsj.com%2Farticles%2FSB122652105098621685&rfr_id=info%3Asid%2Fen.wikipedia.org%3AMarket+trend" class="Z3988"></span></span> </li> </ol></div> <div class="mw-heading mw-heading2"><h2 id="External_links">External links</h2><span class="mw-editsection"><span class="mw-editsection-bracket">[</span><a href="/w/index.php?title=Market_trend&action=edit&section=18" title="Edit 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href="/wiki/Breakout_(technical_analysis)" title="Breakout (technical analysis)">Breakout</a></li> <li><a href="/wiki/Dead_cat_bounce" title="Dead cat bounce">Dead cat bounce</a></li> <li><a href="/wiki/Dow_theory" title="Dow theory">Dow theory</a></li> <li><a href="/wiki/Elliott_wave_principle" title="Elliott wave principle">Elliott wave principle</a></li> <li><a class="mw-selflink selflink">Market trend</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Charts</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Candlestick_chart" title="Candlestick chart">Candlestick</a></li> <li><a href="/wiki/Renko_chart" title="Renko chart">Renko</a></li> <li><a href="/wiki/Kagi_chart" title="Kagi chart">Kagi</a></li> <li><a href="/wiki/Line_chart" title="Line chart">Line</a></li> <li><a href="/wiki/Open-high-low-close_chart" title="Open-high-low-close chart">Open-high-low-close</a></li> <li><a href="/wiki/Point_and_figure_chart" title="Point and figure chart">Point and figure</a></li> <li><a href="/wiki/Line_break_chart" title="Line break chart">Line break</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Patterns</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Chart_pattern" title="Chart pattern">Chart</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Broadening_top" title="Broadening top">Broadening top</a></li> <li><a href="/wiki/Cup_and_handle" title="Cup and handle">Cup and handle</a></li> <li><a href="/wiki/Double_top_and_double_bottom" title="Double top and double bottom">Double top and double bottom</a></li> <li><a href="/wiki/Flag_and_pennant_patterns" title="Flag and pennant patterns">Flag and pennant</a></li> <li><a href="/wiki/Gap_(chart_pattern)" title="Gap (chart pattern)">Gap</a></li> <li><a href="/wiki/Head_and_shoulders_(chart_pattern)" title="Head and shoulders (chart pattern)">Head and shoulders</a></li> <li><a href="/wiki/Island_reversal" title="Island reversal">Island reversal</a></li> <li><a href="/wiki/Price_channels" title="Price channels">Price channels</a></li> <li><a href="/wiki/Triangle_(chart_pattern)" title="Triangle (chart pattern)">Triangle</a></li> <li><a href="/wiki/Triple_top_and_triple_bottom" title="Triple top and triple bottom">Triple top and triple bottom</a></li> <li><a href="/wiki/Wedge_pattern" title="Wedge pattern">Wedge pattern</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Candlestick_pattern" title="Candlestick pattern">Candlestick</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Candlestick_pattern#Simple_patterns" title="Candlestick pattern">Simple</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Doji" title="Doji">Doji</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Candlestick_pattern#Complex_patterns" title="Candlestick pattern">Complex</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Hikkake_pattern" title="Hikkake pattern">Hikkake pattern</a></li> <li><a href="/wiki/Morning_star_(candlestick_pattern)" title="Morning star (candlestick pattern)">Morning star</a></li> <li><a href="/wiki/Three_black_crows" title="Three black crows">Three black crows</a></li> <li><a href="/wiki/Three_white_soldiers" title="Three white soldiers">Three white soldiers</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Point_and_figure_chart" title="Point and figure chart">Point and figure</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bull_trap" title="Bull trap">Bull trap</a></li> <li><a href="/wiki/Bear_market" class="mw-redirect" title="Bear market">Bear trap</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Technical_indicator" title="Technical indicator">Indicators</a></th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"></div><table class="nowraplinks navbox-subgroup" style="border-spacing:0"><tbody><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Support_and_resistance" title="Support and resistance">Support &<br />resistance</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Fibonacci_retracement" title="Fibonacci retracement">Fibonacci retracement</a></li> <li><a href="/wiki/Pivot_point_(technical_analysis)" title="Pivot point (technical analysis)">Pivot point</a> (PP)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a class="mw-selflink selflink">Trend</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Average_directional_movement_index" title="Average directional movement index">Average directional index</a> (A.D.X.)</li> <li><a href="/wiki/Commodity_channel_index" title="Commodity channel index">Commodity channel index</a> (CCI)</li> <li><a href="/wiki/Detrended_price_oscillator" title="Detrended price oscillator">Detrended price oscillator</a> (DPO)</li> <li><a href="/wiki/KST_oscillator" title="KST oscillator">Know sure thing oscillator</a> (KST)</li> <li><a href="/wiki/Ichimoku_Kink%C5%8D_Hy%C5%8D" title="Ichimoku Kinkō Hyō">Ichimoku Kinkō Hyō</a></li> <li><a href="/wiki/MACD" title="MACD">Moving average convergence/divergence</a> (MACD)</li> <li><a href="/wiki/Mass_index" title="Mass index">Mass index</a></li> <li><a href="/wiki/Moving_average" title="Moving average">Moving average</a> (MA)</li> <li><a href="/wiki/Parabolic_SAR" title="Parabolic SAR">Parabolic SAR</a> (SAR)</li> <li><a href="/wiki/Smart_money_index" title="Smart money index">Smart money index</a> (SMI)</li> <li><a href="/wiki/Trend_line_(technical_analysis)" title="Trend line (technical analysis)">Trend line</a></li> <li><a href="/wiki/Trix_(technical_analysis)" title="Trix (technical analysis)">Trix</a></li> <li><a href="/wiki/Vortex_indicator" title="Vortex indicator">Vortex indicator</a> (VI)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Momentum_(finance)" title="Momentum (finance)">Momentum</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Money_flow_index" title="Money flow index">Money flow index</a> (MFI)</li> <li><a href="/wiki/Relative_strength_index" title="Relative strength index">Relative strength index</a> (RSI)</li> <li><a href="/wiki/Stochastic_oscillator" title="Stochastic oscillator">Stochastic oscillator</a></li> <li><a href="/wiki/True_strength_index" title="True strength index">True strength index</a> (TSI)</li> <li><a href="/wiki/Ultimate_oscillator" title="Ultimate oscillator">Ultimate oscillator</a></li> <li><a href="/wiki/Williams_%25R" title="Williams %R">Williams %R</a> (%R)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Volume_(finance)" title="Volume (finance)">Volume</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Accumulation/distribution_index" title="Accumulation/distribution index">Accumulation/distribution line</a></li> <li><a href="/wiki/Ease_of_movement" title="Ease of movement">Ease of movement</a> (EMV)</li> <li><a href="/wiki/Force_index" title="Force index">Force index</a> (FI)</li> <li><a href="/wiki/Negative_volume_index" title="Negative volume index">Negative volume index</a> (NVI)</li> <li><a href="/wiki/On-balance_volume" title="On-balance volume">On-balance volume</a> (OBV)</li> <li><a href="/wiki/Put/call_ratio" title="Put/call ratio">Put/call ratio</a> (PCR)</li> <li><a href="/wiki/Volume%E2%80%93price_trend" title="Volume–price trend">Volume–price trend</a> (VPT)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Volatility_(finance)" title="Volatility (finance)">Volatility</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Average_true_range" title="Average true range">Average true range</a> (ATR)</li> <li><a href="/wiki/Bollinger_Bands" title="Bollinger Bands">Bollinger Bands</a> (BB)</li> <li><a href="/wiki/Donchian_channel" title="Donchian channel">Donchian channel</a></li> <li><a href="/wiki/Keltner_channel" title="Keltner channel">Keltner channel</a></li> <li><a href="/wiki/VIX" title="VIX">CBOE Market Volatility Index</a> (VIX)</li> <li><a href="/wiki/Standard_deviation" title="Standard deviation">Standard deviation</a> (σ)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Breadth_of_market" title="Breadth of market">Breadth</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Advance%E2%80%93decline_line" title="Advance–decline line">Advance–decline line</a> (ADL)</li> <li><a href="/wiki/TRIN_(finance)" title="TRIN (finance)">Arms index</a> (TRIN)</li> <li><a href="/wiki/McClellan_oscillator" title="McClellan oscillator">McClellan oscillator</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Other</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Coppock_curve" title="Coppock curve">Coppock curve</a></li> <li><a href="/wiki/Ulcer_index" title="Ulcer index">Ulcer index</a></li></ul> </div></td></tr></tbody></table><div></div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Analysts</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/John_Bollinger" title="John Bollinger">John Bollinger</a></li> <li><a href="/wiki/Ned_Davis_(analyst)" title="Ned Davis (analyst)">Ned Davis</a></li> <li><a href="/wiki/Charles_Dow" title="Charles Dow">Charles Dow</a></li> <li><a href="/wiki/Ralph_Nelson_Elliott" title="Ralph Nelson Elliott">Ralph Nelson Elliott</a></li> <li><a href="/wiki/Robert_Farrell_(technical_analyst)" class="mw-redirect" title="Robert Farrell (technical analyst)">Bob Farrell</a></li> <li><a href="/wiki/John_Murphy_(technical_analyst)" title="John Murphy (technical analyst)">John Murphy</a></li> <li><a href="/wiki/Mark_Hulbert" title="Mark Hulbert">Mark Hulbert</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Financial_markets" style="padding:3px"><table class="nowraplinks hlist mw-collapsible autocollapse navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Financial_markets_navigation" title="Template:Financial markets navigation"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Financial_markets_navigation" title="Template talk:Financial markets navigation"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_markets_navigation" title="Special:EditPage/Template:Financial markets navigation"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Financial_markets" style="font-size:114%;margin:0 4em"><a href="/wiki/Financial_market" title="Financial market">Financial markets</a></div></th></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types of <a href="/wiki/Capital_market" title="Capital market">markets</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Primary_market" title="Primary market">Primary market</a></li> <li><a href="/wiki/Secondary_market" title="Secondary market">Secondary market</a></li> <li><a href="/wiki/Third_market" title="Third market">Third market</a></li> <li><a href="/wiki/Fourth_market" title="Fourth market">Fourth market</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Types of <a href="/wiki/Stock" title="Stock">stocks</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Common_stock" title="Common stock">Common stock</a></li> <li><a href="/wiki/Golden_share" title="Golden share">Golden share</a></li> <li><a href="/wiki/Preferred_stock" title="Preferred stock">Preferred stock</a></li> <li><a href="/wiki/Restricted_stock" title="Restricted stock">Restricted stock</a></li> <li><a href="/wiki/Tracking_stock" title="Tracking stock">Tracking stock</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Share_capital" title="Share capital">Share capital</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Authorised_capital" title="Authorised capital">Authorised capital</a></li> <li><a href="/wiki/Issued_shares" title="Issued shares">Issued shares</a></li> <li><a href="/wiki/Shares_outstanding" title="Shares outstanding">Shares outstanding</a></li> <li><a href="/wiki/Treasury_stock" title="Treasury stock">Treasury stock</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Participants</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Broker" title="Broker">Broker</a> <ul><li><a href="/wiki/Floor_broker" title="Floor broker">Floor broker</a></li> <li><a href="/wiki/Inter-dealer_broker" title="Inter-dealer broker">Inter-dealer broker</a></li></ul></li> <li><a href="/wiki/Broker-dealer" title="Broker-dealer">Broker-dealer</a></li> <li><a href="/wiki/Market_maker" title="Market maker">Market maker</a></li> <li><a href="/wiki/Trader_(finance)" title="Trader (finance)">Trader</a> <ul><li><a href="/wiki/Floor_trader" title="Floor trader">Floor trader</a></li> <li><a href="/wiki/Proprietary_trading" title="Proprietary trading">Proprietary trader</a></li></ul></li> <li><a href="/wiki/Quantitative_analyst" class="mw-redirect" title="Quantitative analyst">Quantitative analyst</a></li> <li><a href="/wiki/Investor" title="Investor">Investor</a></li> <li><a href="/wiki/Hedge_(finance)" title="Hedge (finance)">Hedger</a></li> <li><a href="/wiki/Speculator" class="mw-redirect" title="Speculator">Speculator</a></li> <li><a href="/wiki/Arbitrage" title="Arbitrage">Arbitrager</a> <ul><li><a href="/wiki/Scalping_(trading)" title="Scalping (trading)">Scalper</a></li></ul></li> <li><a href="/wiki/Financial_regulation" title="Financial regulation">Regulator</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Trading venues</th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Exchange_(organized_market)" title="Exchange (organized market)">Exchange</a> <ul><li><a href="/wiki/List_of_stock_exchanges" class="mw-redirect" title="List of stock exchanges">List of stock exchanges</a></li> <li><a href="/wiki/List_of_stock_exchange_trading_hours" class="mw-redirect" title="List of stock exchange trading hours">Trading hours</a></li></ul></li> <li><a href="/wiki/Over-the-counter_(finance)" title="Over-the-counter (finance)">Over-the-counter</a> (off-exchange)</li> <li><a href="/wiki/Alternative_trading_system" title="Alternative trading system">Alternative trading system</a> (ATS)</li> <li><a href="/wiki/Multilateral_trading_facility" title="Multilateral trading facility">Multilateral trading facility</a> (MTF)</li> <li><a href="/wiki/Electronic_communication_network" title="Electronic communication network">Electronic communication network</a> (ECN)</li> <li><a href="/wiki/Direct_market_access" title="Direct market access">Direct market access</a> (DMA)</li> <li><a href="/wiki/Straight-through_processing" title="Straight-through processing">Straight-through processing</a> (STP)</li> <li><a href="/wiki/Dark_pool" title="Dark pool">Dark pool</a> (private exchange)</li> <li><a href="/wiki/Crossing_network" title="Crossing network">Crossing network</a></li> <li><a href="/wiki/Foreign_exchange_aggregator" title="Foreign exchange aggregator">Liquidity aggregator</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stock_valuation" title="Stock valuation">Stock valuation</a></th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Alpha_(finance)" title="Alpha (finance)">Alpha</a></li> <li><a href="/wiki/Arbitrage_pricing_theory" title="Arbitrage pricing theory">Arbitrage pricing theory</a> (APT)</li> <li><a href="/wiki/Beta_(finance)" title="Beta (finance)">Beta</a></li> <li><a href="/wiki/Buffett_indicator" title="Buffett indicator">Buffett indicator</a> (Cap-to-GDP)</li> <li><a href="/wiki/Book_value" title="Book value">Book value</a> (BV)</li> <li><a href="/wiki/Capital_asset_pricing_model" title="Capital asset pricing model">Capital asset pricing model</a> (CAPM)</li> <li><a href="/wiki/Capital_market_line" title="Capital market line">Capital market line</a> (CML)</li> <li><a href="/wiki/Dividend_discount_model" title="Dividend discount model">Dividend discount model</a> (DDM)</li> <li><a href="/wiki/Dividend_yield" title="Dividend yield">Dividend yield</a></li> <li><a href="/wiki/Earnings_yield" title="Earnings yield">Earnings yield</a></li> <li><a href="/wiki/EV/EBITDA" class="mw-redirect" title="EV/EBITDA">EV/EBITDA</a></li> <li><a href="/wiki/Fed_model" title="Fed model">Fed model</a></li> <li><a href="/wiki/Net_asset_value" title="Net asset value">Net asset value</a> (NAV)</li> <li><a href="/wiki/Security_characteristic_line" title="Security characteristic line">Security characteristic line</a></li> <li><a href="/wiki/Security_market_line" title="Security market line">Security market line</a> (SML)</li> <li><a href="/wiki/T-model" title="T-model">T-model</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Trading theories<br /> and <a href="/wiki/Trading_strategy" title="Trading strategy">strategies</a></th><td class="navbox-list-with-group navbox-list navbox-odd" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Algorithmic_trading" title="Algorithmic trading">Algorithmic trading</a></li> <li><a href="/wiki/Buy_and_hold" title="Buy and hold">Buy and hold</a></li> <li><a href="/wiki/Contrarian_investing" title="Contrarian investing">Contrarian investing</a></li> <li><a href="/wiki/Dollar_cost_averaging" title="Dollar cost averaging">Dollar cost averaging</a></li> <li><a href="/wiki/Efficient-market_hypothesis" title="Efficient-market hypothesis">Efficient-market hypothesis</a> (EMH)</li> <li><a href="/wiki/Fundamental_analysis" title="Fundamental analysis">Fundamental analysis</a></li> <li><a href="/wiki/Growth_stock" title="Growth stock">Growth stock</a></li> <li><a href="/wiki/Market_timing" title="Market timing">Market timing</a></li> <li><a href="/wiki/Modern_portfolio_theory" title="Modern portfolio theory">Modern portfolio theory</a> (MPT)</li> <li><a href="/wiki/Momentum_investing" title="Momentum investing">Momentum investing</a></li> <li><a href="/wiki/Mosaic_theory_(investments)" title="Mosaic theory (investments)">Mosaic theory</a></li> <li><a href="/wiki/Pairs_trade" title="Pairs trade">Pairs trade</a></li> <li><a href="/wiki/Post-modern_portfolio_theory" title="Post-modern portfolio theory">Post-modern portfolio theory</a> (PMPT)</li> <li><a href="/wiki/Random_walk_hypothesis" title="Random walk hypothesis">Random walk hypothesis</a> (RMH)</li> <li><a href="/wiki/Sector_rotation" title="Sector rotation">Sector rotation</a></li> <li><a href="/wiki/Style_investing" title="Style investing">Style investing</a></li> <li><a href="/wiki/Swing_trading" title="Swing trading">Swing trading</a></li> <li><a href="/wiki/Technical_analysis" title="Technical analysis">Technical analysis</a></li> <li><a href="/wiki/Trend_following" title="Trend following">Trend following</a></li> <li><a href="/wiki/Value_averaging" title="Value averaging">Value averaging</a></li> <li><a href="/wiki/Value_investing" title="Value investing">Value investing</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">Related terms</th><td class="navbox-list-with-group navbox-list navbox-even" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Bid%E2%80%93ask_spread" title="Bid–ask spread">Bid–ask spread</a></li> <li><a href="/wiki/Block_trade" title="Block trade">Block trade</a></li> <li><a href="/wiki/Cross_listing" title="Cross listing">Cross listing</a></li> <li><a href="/wiki/Dividend" title="Dividend">Dividend</a></li> <li><a href="/wiki/Dual-listed_company" title="Dual-listed company">Dual-listed company</a></li> <li><a href="/wiki/DuPont_analysis" title="DuPont analysis">DuPont analysis</a></li> <li><a href="/wiki/Efficient_frontier" title="Efficient frontier">Efficient frontier</a></li> <li><a href="/wiki/Financial_law" title="Financial law">Financial law</a></li> <li><a href="/wiki/Flight-to-quality" title="Flight-to-quality">Flight-to-quality</a></li> <li><a href="/wiki/Government_bond" title="Government bond">Government bond</a></li> <li><a href="/wiki/Greenspan_put" title="Greenspan put">Greenspan put</a></li> <li><a href="/wiki/Haircut_(finance)" title="Haircut (finance)">Haircut</a></li> <li><a href="/wiki/Initial_public_offering" title="Initial public offering">Initial public offering</a> (IPO)</li> <li><a href="/wiki/Long_(finance)" title="Long (finance)">Long</a></li> <li><a href="/wiki/Mandatory_offer" title="Mandatory offer">Mandatory offer</a></li> <li><a href="/wiki/Margin_(finance)" title="Margin (finance)">Margin</a></li> <li><a href="/wiki/Market_anomaly" title="Market anomaly">Market anomaly</a></li> <li><a href="/wiki/Market_capitalization" title="Market capitalization">Market capitalization</a></li> <li><a href="/wiki/Market_depth" title="Market depth">Market depth</a></li> <li><a href="/wiki/Market_manipulation" title="Market manipulation">Market manipulation</a></li> <li><a class="mw-selflink selflink">Market trend</a></li> <li><a href="/wiki/Mean_reversion_(finance)" title="Mean reversion (finance)">Mean reversion</a></li> <li><a href="/wiki/Momentum_(finance)" title="Momentum (finance)">Momentum</a></li> <li><a href="/wiki/Open_outcry" title="Open outcry">Open outcry</a></li> <li><a href="/wiki/Order_book" title="Order book">Order book</a></li> <li><a href="/wiki/Position_(finance)" title="Position (finance)">Position</a></li> <li><a href="/wiki/Public_float" title="Public float">Public float</a></li> <li><a href="/wiki/Public_offering" title="Public offering">Public offering</a></li> <li><a href="/wiki/Rally_(stock_market)" title="Rally (stock market)">Rally</a></li> <li><a href="/wiki/Returns-based_style_analysis" title="Returns-based style analysis">Returns-based style analysis</a></li> <li><a href="/wiki/Reverse_stock_split" title="Reverse stock split">Reverse stock split</a></li> <li><a href="/wiki/Share_repurchase" title="Share repurchase">Share repurchase</a></li> <li><a href="/wiki/Short_(finance)" title="Short (finance)">Short selling</a></li> <li><a href="/wiki/Short_squeeze" title="Short squeeze">Short squeeze</a></li> <li><a href="/wiki/Slippage_(finance)" title="Slippage (finance)">Slippage</a></li> <li><a href="/wiki/Speculation" title="Speculation">Speculation</a></li> <li><a href="/wiki/Squeeze-out" title="Squeeze-out">Squeeze-out</a></li> <li><a href="/wiki/Stock_dilution" title="Stock dilution">Stock dilution</a></li> <li><a href="/wiki/Stock_exchange" title="Stock exchange">Stock exchange</a></li> <li><a href="/wiki/Stock_market_index" title="Stock market index">Stock market index</a></li> <li><a href="/wiki/Stock_split" title="Stock split">Stock split</a></li> <li><a href="/wiki/Stock_swap" title="Stock swap">Stock swap</a></li> <li><a href="/wiki/Trade_(financial_instrument)" class="mw-redirect" title="Trade (financial instrument)">Trade</a></li> <li><a href="/wiki/Tender_offer" title="Tender offer">Tender offer</a></li> <li><a href="/wiki/Uptick_rule" title="Uptick rule">Uptick rule</a></li> <li><a href="/wiki/Volatility_(finance)" title="Volatility (finance)">Volatility</a></li> <li><a href="/wiki/Voting_interest" title="Voting interest">Voting interest</a></li> <li><a href="/wiki/Yield_(finance)" title="Yield (finance)">Yield</a></li></ul> </div></td></tr></tbody></table></div> <div class="navbox-styles"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1236075235"></div><div role="navigation" class="navbox" aria-labelledby="Financial_bubbles" style="padding:3px"><table class="nowraplinks hlist mw-collapsible mw-collapsed navbox-inner" style="border-spacing:0;background:transparent;color:inherit"><tbody><tr><th scope="col" class="navbox-title" colspan="2"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1129693374"><link rel="mw-deduplicated-inline-style" href="mw-data:TemplateStyles:r1239400231"><div class="navbar plainlinks hlist navbar-mini"><ul><li class="nv-view"><a href="/wiki/Template:Financial_bubbles" title="Template:Financial bubbles"><abbr title="View this template">v</abbr></a></li><li class="nv-talk"><a href="/wiki/Template_talk:Financial_bubbles" title="Template talk:Financial bubbles"><abbr title="Discuss this template">t</abbr></a></li><li class="nv-edit"><a href="/wiki/Special:EditPage/Template:Financial_bubbles" title="Special:EditPage/Template:Financial bubbles"><abbr title="Edit this template">e</abbr></a></li></ul></div><div id="Financial_bubbles" style="font-size:114%;margin:0 4em"><a href="/wiki/Economic_bubble" title="Economic bubble">Financial bubbles</a></div></th></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a class="mw-selflink selflink">Market trend</a></li> <li><a href="/wiki/Credit_cycle" title="Credit cycle">Credit cycle</a></li> <li><a href="/wiki/Irrational_exuberance" title="Irrational exuberance">Irrational exuberance</a></li> <li><a href="/wiki/Social_contagion" title="Social contagion">Social contagion</a></li> <li><a href="/wiki/Real-estate_bubble" title="Real-estate bubble">Real-estate bubble</a></li> <li><a href="/wiki/Stock_market_bubble" title="Stock market bubble">Stock market bubble</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Commercial_revolution" title="Commercial revolution">Commercial revolution</a><br />(1000–1760)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Tulip_mania" title="Tulip mania">Tulip mania</a> (1634–1637)</li> <li><a href="/wiki/Mississippi_Company" title="Mississippi Company">Mississippi bubble</a> (1684–1720)</li> <li><a href="/wiki/South_Sea_Company" title="South Sea Company">South Sea bubble</a> (1711–1720)</li> <li><a href="/wiki/Bengal_Bubble_of_1769" title="Bengal Bubble of 1769">Bengal Bubble of 1769</a> (1757–1769)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Industrial_Revolution" title="Industrial Revolution">1st Industrial Revolution</a><br />(1760–1840)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Canal_Mania" title="Canal Mania">Canal Mania</a> (c. 1790–c. 1810)</li> <li><a href="/wiki/Carolina_gold_rush" title="Carolina gold rush">Carolina gold rush</a> (1802–1825)</li> <li><a href="/wiki/Alabama_real_estate_bubble_of_the_1810s" title="Alabama real estate bubble of the 1810s">1810s Alabama real estate bubble</a></li> <li><a href="/wiki/Georgia_Gold_Rush" title="Georgia Gold Rush">Georgia Gold Rush</a> (1828–c. 1840)</li> <li><a href="/wiki/Chicago_real_estate_bubble_of_the_1830s" title="Chicago real estate bubble of the 1830s">1830s Chicago real estate bubble</a></li> <li><a href="/wiki/Chilean_silver_rush" title="Chilean silver rush">Chilean silver rush</a> (1830–1850)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%">1840–1870</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Railway_Mania" title="Railway Mania">Railway Mania</a> (c. 1840–c. 1850)</li> <li><a href="/wiki/California_gold_rush" title="California gold rush">California gold rush</a> (1848–1855)</li> <li><a href="/wiki/Queen_Charlottes_Gold_Rush" title="Queen Charlottes Gold Rush">Queen Charlottes Gold Rush</a> (1851)</li> <li><a href="/wiki/Victorian_gold_rush" title="Victorian gold rush">Victorian gold rush</a> (1851–c. 1870)</li> <li><a href="/wiki/New_South_Wales_gold_rush" title="New South Wales gold rush">New South Wales gold rush</a> (1851–1880)</li> <li><a href="/wiki/Australian_gold_rushes" title="Australian gold rushes">Australian gold rushes</a> (1851–1914)</li> <li><a href="/wiki/Fraser_Canyon_Gold_Rush" title="Fraser Canyon Gold Rush">Fraser Canyon Gold Rush</a> (1858)</li> <li><a href="/wiki/Pike%27s_Peak_gold_rush" title="Pike's Peak gold rush">Pike's Peak gold rush</a> (1858–1861)</li> <li><a href="/wiki/Rock_Creek_Gold_Rush" title="Rock Creek Gold Rush">Rock Creek Gold Rush</a> (1859)</li> <li><a href="/wiki/Pennsylvania_oil_rush" title="Pennsylvania oil rush">Pennsylvania oil rush</a> (1859–1891)</li> <li><a href="/wiki/Similkameen_Gold_Rush" title="Similkameen Gold Rush">Similkameen Gold Rush</a> (1860)</li> <li><a href="/wiki/Stikine_Gold_Rush" title="Stikine Gold Rush">Stikine Gold Rush</a> (1861)</li> <li><a href="/wiki/Steamboats_of_the_Colorado_River" title="Steamboats of the Colorado River">Colorado River mining boom</a> (1861–1864)</li> <li><a href="/wiki/Otago_gold_rush" title="Otago gold rush">Otago gold rush</a> (1861–1864)</li> <li><a href="/wiki/Cariboo_Gold_Rush" title="Cariboo Gold Rush">Cariboo Gold Rush</a> (1861–1867)</li> <li><a href="/wiki/Gold_mining_in_Nova_Scotia" title="Gold mining in Nova Scotia">First Nova Scotia Gold Rush</a> (1861–1874)</li> <li><a href="/wiki/West_Coast_gold_rush" title="West Coast gold rush">West Coast gold rush</a> (1864–1867)</li> <li><a href="/wiki/Big_Bend_Gold_Rush" title="Big Bend Gold Rush">Big Bend Gold Rush</a> (c. 1865)</li> <li><a href="/wiki/Vermilion_Lake_gold_rush" title="Vermilion Lake gold rush">Vermilion Lake gold rush</a> (1865–1867)</li> <li><a href="/wiki/Kildonan_Gold_Rush" title="Kildonan Gold Rush">Kildonan Gold Rush</a> (1869)</li> <li><a href="/wiki/Omineca_Gold_Rush" title="Omineca Gold Rush">Omineca Gold Rush</a> (1869)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Second_Industrial_Revolution" title="Second Industrial Revolution">2nd Industrial Revolution</a><br />(1870–1914)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Lapland_gold_rush" title="Lapland gold rush">1870s Lapland gold rush</a></li> <li><a href="/wiki/Coromandel_Gold_Rushes" title="Coromandel Gold Rushes">Coromandel Gold Rushes</a> (c. 1870–c. 1890)</li> <li><a href="/wiki/Cassiar_Country" title="Cassiar Country">Cassiar Gold Rush</a> (c. 1870–c. 1890)</li> <li><a href="/wiki/Black_Hills_gold_rush" title="Black Hills gold rush">Black Hills gold rush</a> (1874–1880)</li> <li><a href="/wiki/Colorado_Silver_Boom" title="Colorado Silver Boom">Colorado Silver Boom</a> (1879–1893)</li> <li><a href="/wiki/Western_Australian_gold_rushes" title="Western Australian gold rushes">Western Australian gold rushes</a> (c. 1880–c. 1900)</li> <li><a href="/wiki/Indiana_gas_boom" title="Indiana gas boom">Indiana gas boom</a> (c. 1880–1903)</li> <li><a href="/wiki/Petroleum_industry_in_Ohio" title="Petroleum industry in Ohio">Ohio oil rush</a> (c. 1880–c. 1930)</li> <li><a href="/wiki/Tierra_del_Fuego_gold_rush" title="Tierra del Fuego gold rush">Tierra del Fuego gold rush</a> (1883–1906)</li> <li><a href="/wiki/Cayoosh_Gold_Rush" title="Cayoosh Gold Rush">Cayoosh Gold Rush</a> (1884)</li> <li><a href="/wiki/Witwatersrand_Gold_Rush" title="Witwatersrand Gold Rush">Witwatersrand Gold Rush</a> (1886)</li> <li><a href="/wiki/Encilhamento" title="Encilhamento">Encilhamento</a> (1886–1890)</li> <li><a href="/wiki/Cripple_Creek_Gold_Rush" title="Cripple Creek Gold Rush">Cripple Creek Gold Rush</a> (c. 1890–c. 1910)</li> <li><a href="/wiki/Klondike_Gold_Rush" title="Klondike Gold Rush">Klondike Gold Rush</a> (1896–1899)</li> <li><a href="/wiki/Gold_mining_in_Nova_Scotia" title="Gold mining in Nova Scotia">Second Nova Scotia Gold Rush</a> (1896–1903)</li> <li><a href="/wiki/Kobuk_River_Stampede" title="Kobuk River Stampede">Kobuk River Stampede</a> (1897–1899)</li> <li><a href="/wiki/Mount_Baker_gold_rush" title="Mount Baker gold rush">Mount Baker gold rush</a> (1897–c. 1925)</li> <li><a href="/wiki/Nome_Gold_Rush" title="Nome Gold Rush">Nome Gold Rush</a> (1899–1909)</li> <li><a href="/wiki/Fairbanks_Gold_Rush" title="Fairbanks Gold Rush">Fairbanks Gold Rush</a> (c. 1900–1918)</li> <li><a href="/wiki/Texas_oil_boom" title="Texas oil boom">Texas oil boom</a> (1901–1918)</li> <li><a href="/wiki/Cobalt_silver_rush" title="Cobalt silver rush">Cobalt silver rush</a> (1903–1918)</li> <li><a href="/wiki/Porcupine_Gold_Rush" title="Porcupine Gold Rush">Porcupine Gold Rush</a> (1909–1918)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Interwar_period" title="Interwar period">Interwar period</a><br />(1918–1939)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Florida_land_boom_of_the_1920s" title="Florida land boom of the 1920s">1920s Florida land boom</a> (c. 1920–1925)</li> <li><a href="/wiki/Fairbanks_Gold_Rush" title="Fairbanks Gold Rush">Fairbanks Gold Rush</a> (1918–c. 1930)</li> <li><a href="/wiki/Texas_oil_boom" title="Texas oil boom">Texas oil boom</a> (1918–1945)</li> <li><a href="/wiki/Cobalt_silver_rush" title="Cobalt silver rush">Cobalt silver rush</a> (1918–c. 1930)</li> <li><a href="/wiki/Porcupine_Gold_Rush" title="Porcupine Gold Rush">Porcupine Gold Rush</a> (1918–1945)</li> <li><a href="/wiki/Kakamega_gold_rush" title="Kakamega gold rush">1930s Kakamega gold rush</a></li> <li><a href="/wiki/Gold_mining_in_Nova_Scotia" title="Gold mining in Nova Scotia">Third Nova Scotia Gold Rush</a> (1932–1942)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Post%E2%80%93World_War_II_economic_expansion" title="Post–World War II economic expansion">Post–WWII expansion</a><br />(1945–1973)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/Texas_oil_boom" title="Texas oil boom">Texas oil boom</a> (1945–c. 1950)</li> <li><a href="/wiki/Porcupine_Gold_Rush" title="Porcupine Gold Rush">Porcupine Gold Rush</a> (1945–c. 1960)</li> <li><a href="/wiki/Poseidon_bubble" title="Poseidon bubble">Poseidon bubble</a> (1969–1970)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Stagflation" title="Stagflation">The Great Inflation</a><br />(1973–1982)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1970s_commodities_boom" title="1970s commodities boom">1970s commodities boom</a></li> <li><a href="/wiki/Mexican_oil_boom" title="Mexican oil boom">Mexican oil boom</a> (1977–1981)</li> <li><a href="/wiki/Silver_Thursday" title="Silver Thursday">Silver Thursday</a> (1980)</li> <li><a href="/wiki/New_Zealand_property_bubble" title="New Zealand property bubble">New Zealand property bubble</a> (c. 1980–1982)</li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Great_Moderation" title="Great Moderation">Great Moderation</a>/<br /><a href="/wiki/Great_Regression" class="mw-redirect" title="Great Regression">Great Regression</a><br />(1982–2007)</th><td class="navbox-list-with-group navbox-list navbox-even hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/1980s_oil_glut" title="1980s oil glut">1980s oil glut</a></li> <li><a href="/wiki/New_Zealand_property_bubble" title="New Zealand property bubble">New Zealand property bubble</a> (1982–)</li> <li><a href="/wiki/Spanish_property_bubble" title="Spanish property bubble">Spanish property bubble</a> (1985–2008)</li> <li><a href="/wiki/Japanese_asset_price_bubble" title="Japanese asset price bubble">Japanese asset price bubble</a> (1986–1990)</li> <li><a href="/wiki/Dot-com_bubble" title="Dot-com bubble">Dot-com bubble</a> (1995–2000)</li> <li><a href="/wiki/Baltic_states_housing_bubble" title="Baltic states housing bubble">Baltic states housing bubble</a> (2000–2006)</li> <li><a href="/wiki/Irish_property_bubble" title="Irish property bubble">Irish property bubble</a> (c. 2000–2007)</li> <li><a href="/wiki/2000s_commodities_boom" title="2000s commodities boom">2000s commodities boom</a> (2000–2008)</li> <li><a href="/wiki/Danish_property_bubble_of_2000s" title="Danish property bubble of 2000s">2000s Danish property bubble</a> (2001–2006)</li> <li><a href="/wiki/2000s_United_States_housing_bubble" title="2000s United States housing bubble">United States housing bubble</a> (2002–2006)</li> <li><a href="/wiki/Romanian_property_bubble" title="Romanian property bubble">Romanian property bubble</a> (2002–2007)</li> <li><a href="/wiki/Polish_property_bubble" title="Polish property bubble">Polish property bubble</a> (2002–2008)</li> <li><a href="/wiki/Canadian_property_bubble" title="Canadian property bubble">Canadian property bubble</a> (2002–)</li> <li><a href="/wiki/Chinese_property_bubble_(2005%E2%80%932011)" title="Chinese property bubble (2005–2011)">Chinese property bubble</a> (2005–2011)</li> <li><a href="/wiki/Lebanese_housing_bubble" title="Lebanese housing bubble">Lebanese housing bubble</a> (2005–2008)</li></ul> <ul><li><a href="/wiki/Chinese_stock_bubble_of_2007" title="Chinese stock bubble of 2007">Chinese stock bubble of 2007</a></li> <li><a href="/wiki/Uranium_bubble_of_2007" title="Uranium bubble of 2007">Uranium bubble of 2007</a></li></ul> </div></td></tr><tr><th scope="row" class="navbox-group" style="width:1%"><a href="/wiki/Information_Age" title="Information Age">Information Age</a><br />(2007–present)</th><td class="navbox-list-with-group navbox-list navbox-odd hlist" style="width:100%;padding:0"><div style="padding:0 0.25em"> <ul><li><a href="/wiki/2000s_commodities_boom" title="2000s commodities boom">2000s commodities boom</a> (2008–2014)</li> <li><a href="/wiki/Lebanese_housing_bubble" title="Lebanese housing bubble">Lebanese housing bubble</a> (2008–)</li> <li><a href="/wiki/Corporate_debt_bubble" title="Corporate debt bubble">Corporate debt bubble</a> (2008–)</li> <li><a href="/wiki/Australian_property_bubble" title="Australian property bubble">Australian property bubble</a> (2010–)</li> <li><a href="/wiki/Cryptocurrency_bubble" title="Cryptocurrency bubble">Cryptocurrency bubble</a> (2011–)</li> <li><a href="/wiki/Everything_bubble" title="Everything bubble">Everything bubble</a> (2020–21)</li></ul> </div></td></tr><tr><td class="navbox-abovebelow" colspan="2"><div> <ul><li><a href="/wiki/Carbon_bubble" title="Carbon bubble">Carbon bubble</a></li> <li><a href="/wiki/Green_bubble" title="Green bubble">Green bubble</a></li> <li><a href="/wiki/Social_media_stock_bubble" title="Social media stock bubble">Social media stock bubble</a></li> <li><a href="/wiki/Unicorn_bubble" title="Unicorn bubble">Unicorn bubble</a></li> <li><a href="/wiki/Higher_education_bubble_in_the_United_States" title="Higher education bubble in the United States">U.S. higher education bubble</a></li></ul> </div></td></tr></tbody></table></div>    </div><noscript><img src="https://login.wikimedia.org/wiki/Special:CentralAutoLogin/start?type=1x1" alt="" width="1" height="1" style="border: none; position: absolute;"></noscript> <div class="printfooter" data-nosnippet="">Retrieved from "<a dir="ltr" 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