There are a number of characteristics that show themselves during bull markets, bear markets, and market turns. A bull market lifts all boats. This is another way of saying that in a bull market most, but not all stocks, rise in price. In a bear market most, but not all stocks, fall in price. At market tops and bottoms, stocks churn. Some stocks rise in price while some stocks fall in price. At the same time, individual shares cannot muster a sustainable trend. Those that rise in price for a while run out of gas and they give up the gains. Those that fall in price, lose downside momentum, reverse and bound in price.
