The S&P 500 has rallied more than 20% off its bottom from last fall. That's one of the indicators that we could be preparing for a new bull market run.

We still have a ways to go until hitting a new all-time high (another key distinction of a bull market). However, optimism is gaining steam because we're nearing the end of the current interest-rate-hike cycle as inflation has started to cool off.

Despite that rally, many high-quality stocks are still cheap. Brookfield Infrastructure Partners (NYSE: BIP) and Williams (NYSE: WMB) stand out as bargains. Here's why value hunters may want to scoop up shares before a new bull market takes hold.

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Source Fool.com