It's been a wild couple of years for Wall Street. In 2021, seemingly nothing could go wrong, with the iconic Dow Jones Industrial Average (DJINDICES: ^DJI), broad-based S 500 (SNPINDEX: ^GSPC), and growth-centric Nasdaq Composite (NASDAQINDEX: ^IXIC) notching multiple record-closing highs. This was followed by last year's bear market, which saw all three indexes lose more than 20% of their value at one point.

In 2023, a "new" bull market has taken shape for the Dow, S 500, and Nasdaq Composite. While some investors believe a new bull market can't be declared until an index takes out its previous high, one of the more traditional definitions of a bull market is a 20% (or greater) rally following a 20% (or greater) decline. Based on this definition, all three indexes are firmly in a new bull market.

Although Wall Street sentiment has been decisively positive this year, one leading money metric suggests investors not get too comfortable with the "new" bull market.

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Source Fool.com