Currently, 87% of S&P 500 stocks are trading above their 20-day moving average, and 52% are hitting new 20-day highs. These are not characteristics of a market in decline — in fact, it’s quite the opposite. Historically, this kind of broad strength and momentum doesn’t show up in bear markets. You tend to see this type of participation and breakout activity at the early stages of a new bullish phase, when the market is quietly transitioning from doubt to sustained upside.