CHART OF THE DAY: The long-term bull market in stocks is alive and well, Bank of America says

• The long-term bull market in stocks is alive and well after the Dow Jones Industrial Average hit record highs.
• Bank of America said various market indices are beginning to stage upside breakouts.
• "The recent upside breakouts from big bases on the Dow and other key US equity indices suggest that the secular bull market continues," BofA said.

Our Chart of the Day is from Bank of America, which highlights the long-term appreciation of the Dow Jones Industrial Average.

The chart suggests to BofA that the long-term bull market in stocks is alive and well after the Dow hit a record high this week.

The US stock market has been in a secular bull market since 2013, when it broke out of a 13-year sideways consolidation range that began at the peak of the 2000 dot-com bubble.

BofA highlighted the long-term nature of the Dow in its chart, as the index is typically marked by long periods of sideways consolidation, which is then followed by long-term breakouts to the upside. The firm expects that the long-term upside trend for stocks will continue.

"The recent upside breakouts from big bases on the Dow Jones Industrial Average and other key US equity indices suggest that the secular bull market continues," BofA said.

While the Dow has hit new all-time highs, the S&P 500 and Nasdaq 100 are still within a couple percentage points away from breaking out above their January 2022 records.