The S&P 500 is experiencing its longest winning streak in more than 20 years, with the index up for nine consecutive days as of early May 2025. This rally has driven the S&P 500 up by approximately 12.5% over the past 17 trading days. More than 88% of S&P 500 stocks are trading above their 20-day moving average, a level not seen since August of the previous year, indicating broad market strength. Additionally, momentum indicators such as the Relative Strength Index (RSI) show strong buying pressure, with a rising number of stocks exhibiting RSI values above 70. Market breadth is also expanding, as the percentage of stocks trading above their 5, 20, and 50-day simple moving averages is increasing alongside the index price, suggesting that the rally is not solely driven by large-cap stocks. Despite this positive momentum, some analysts caution that the extended winning streak does not necessarily signal the end of market volatility or a sustained bull market. Historical precedent from the last time the S&P 500 had a similar nine-day winning streak in November 2004 shows that gains can continue but also that caution is warranted.