Data on NYSE margin debt (borrowed funds from brokerage firms) has been an excellent indicator confirming bull and bear markets. It is based on monthly data, so there is a time lag, but it is impossible to catch the top or the bottom in any case. Margin debt bottomed at the end of 2022 and has crossed above its 10-month average for an intermediate-term to long-term buy signal. This reverses the sell signal from late 2021 (when its uptrend broke) and a confirming signal when it broke the 10-month at the end of January 2022. Prior buy signals for the S&P 500 were given in June 2020, July 2016, September 2012, July 2009, April 2003, May 1995, May 1991, December 1982, and June 1975. These were all good signals. Sell signals were produced in October 2018, August 2015, July 2011, Sept. 2007, October 2000, November 1987, November 1981, and April 1973. These were good as well, but the reading was late for the 1987 crash.