The S&P 500 has maintained a relatively consistent long-term pattern since the 1920s, yet this structural dynamic is rarely accurately framed.

When a new disruptive technology emerges, the market enters an expansion phase lasting approximately 25 years during which the technology fundamentally restructures the economy. This is followed by a relatively short correction period before the next technology continues the same cycle.
Historical cycles clearly illustrate this pattern:
- Modern electronics, automation, and the initial computer boom: 24 years of expansion.
- Personal computers and the Internet: 25 years of expansion.
- Smartphones, e-commerce, and artificial intelligence: currently in their 15th year.
It's worth noting that each correction phase feels like the "end of an era," while each expansion phase is considered "too long" as early as around the 10th year.
Currently, we've been in this "too long" zone for about 5 years. Importantly, the two previous cycles continued their main upward trend for another full decade after reaching this point, confirming the strong sustainability of long-term bull markets driven by technological innovation.
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