I posted this chart before, this is an updated version, focusing on expansion cycles. From the chart we can see it had two long term expansions (by expansion I mean chart keeps making higher highs), one being from 1932 to 1965 lasted 33 years; one being from 1974 to 1999 lasted 25 years. We may have another one under way (starting from 2009
has already broken out from the top resistance line. If it can make another all time high, I will be more confidence with this expansion case. This is the 8th year since 2009
bottom. If this indeed a long term expansion, it may last another 10 to 20 years (secular bulls).