Additionally, one of the best non-numerical indicators for a bull market is rising investor confidence. During these times, there is a strong overall demand for stocks, and the general "tone" of market commentary tends to be positive. And, because companies can get higher valuations for their equity, we tend to see high levels of initial public offering, or IPO, activity in bull markets.
The opposite of a bull market is a bear market, which is typically defined as stocks falling by 20% or more from a recent peak. Bear markets are often accompanied by recessions, falling investor confidence, and declines in corporate profits.
Learn more: Bull vs. Bear Market