The S&P 500 closed the day up 0.60% to close at a new interim high. The index is 85.4% above the March 9 2009 closing low, which puts it 19.8% below the nominal all-time high of October 2007. This is a new milestone for the index. It's now above the traditional 20% bear decline from the 2007 high.

For a better sense of how these declines figure into a larger historical context, here's a long-term view of secular bull and bear markets in the S&P Composite since 1871.

For a bit of international flavor, here's a chart series that includes an overlay of the S&P 500, the Dow Crash of 1929 and Great Depression, and the so-called L-shaped "recovery" of the Nikkei 225. I update these weekly. These charts are not intended as a forecast but rather as a way to study the current market in relation to historic market cycles.

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This post previously appeared at DShort.com >