The Nasdaq 100 has maintained a streak of closing above its 20-day moving average for 68 consecutive trading sessions as of late July 2025, marking the longest such run since the Dot-Com Bubble era in 1999, which ended after 77 sessions. This streak represents a period of sustained market strength and is the second-longest in the index's history dating back to 1985. Concurrently, the S&P 500 has traded above its 20-day moving average for 60 consecutive days, the longest streak since 1998. Additionally, the S&P 500 has experienced an 18 to 19 session stretch without a 1% move in either direction, the longest such period of calm since December 2024. During this time, the S&P 500 and Nasdaq 100 have reached multiple record highs, with the Nasdaq hitting 12 new highs and the S&P 500 hitting 10. Market analysts describe the current regime as "Quiet & Strong," characterized by 25 straight days without a ±1% move and 30 straight days of net new highs, signaling trend confirmation. Despite this bullish momentum, some observers note that the primary stock market index has yet to make a new all-time high in 2025, raising questions about the sustainability of current returns.