Long-term technical analysis of US stock indexes has become simple, with each month seemingly a repeat of new all-time highs and higher closes.
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Fundamentally, it's hard to say what is driving the bull run, with the most likely catalyst the changed dynamics of the industry itself over the past number of decades.
More Top Stocks Daily: Go behind Wall Street’s hottest headlines with Barchart’s Active Investor newsletter. If a top were to form for US indexes, it could come in the form of higher interest rates between now and May 2026.
Will US stock indexes ever go down again? And when I say “down”, I mean more than a day or two as we’ve seen since the latest bull run began back in the fall and winter of 2022. (The S&P 500 ($INX) and Dow Jones Industrial Average ($DOWI) both posted low monthly closes at the conclusion of September 2022, with the Nasdaq ($NASX) trailing at December 2022. This was an oddity, as the Nasdaq has led the other major indexes for a number of years.) At the end of October 2025, the three major US indexes were on a string of higher monthly closes:
