A market that moves in the same direction (up or down) for a relatively very long period of time. It constitutes a market cycle that remains in full force for periods spanning between 5 and 20 years. This cycle consists of a series of shorter primary market trends (collectively creating a cyclical market) that are higher in bull markets and sideways in bear markets over time.

As the series of bullish and bearish short-term cycles proceed in and out, the stock market develops a longer-time, overall secular trend. If the overall trend of several short-term cycles is higher, then it is a secular bull market. On the other hand, if the short-term cycles are moving sideways or trending lower over time (from cycle to cycle), then a secular bear market is said to be formed.