Market Cycle Education: Common characteristics of a bull market include more narratives, profit effects spreading, and community sentiment running high; while in a bear market, trading volume shrinks, positive news reactions weaken, and bad news is amplified. A cycle is not an exact clock, but the combined force of sentiment, liquidity, and fundamentals. A truly mature investor is not optimistic only at the highest point, nor fearful only at the lowest point—but instead writes the plan in advance.