This Could Be Just the Beginning of a Major Rally

Adam Jeffery | CNBC

The Dow Jones Industrial Average set an all-time high Thursday and is now up nearly 22 percent since mid-November.

The market has not closed down for more than two straight days this year, while the percentage of stocks hitting new 52-week highs Wednesday surged to the highest level in nearly 25 years.

Those numbers have led many investors to believe the market is overdue for a pullback.

According to Wall Street research firm Stratega, however, a long-trend market can persist for years. The firm notes that there were no 10 percent corrections between 1962 and 1966, 1984 and 1987, and 1990 and 1997.

Other clues may be found in the strong correlation between this market and the one in 1958.

CNBC's Analytics team went back to 1900 to find other times when the Dow traded in a similar pattern. The market performance in the last 100 days closely resembles the period between July and November 1958, with a correlation match of 97 percent.

Back then, the market took a brief pause, pulling back about 5 percent before rallying 14 percent through the first quarter of 1959.

Here's a chart displaying the correlation between the current bull market and the one in 1958.

—By CNBC's Giovanny Moreano and Pradip Sigdyal