Lab · Visualisation · Bar race

Bull Markets — the class of 2022, month by month

The bull markets of the past three years began at the same place: the lows of late 2022. Here are seven of them, each started at 100 on the last close of 2022, one frame per month. Bitcoin led almost the whole way, to 700 at the end of July 2025. Gold peaked at the end of February 2026, the chips at the end of June 2026. Watch the last year: the leaders shrink first, the broad stock funds hold.

The 2022 Bull Markets — crypto and gold broke first

$100 in seven markets at the end of 2022, month by month: bitcoin, gold, the chips, US and world stocks.

Where each one stands

Market	Now	Best month-end	From there
Bitcoin	420	700 (July 2025)	−40%
Gold	210	285 (February 2026)	−27%
Chips	386	552 (June 2026)	−30%
Nasdaq 100	255	278 (September 2026)	−8%
S&P 500	197	201 (August 2026)	−2%
World ex-US	161	170 (August 2026)	−5%
All-world	180	186 (August 2026)	−3%

100 = the close of 30 December 2022. Month-end closes; the last frame is 2026-11-13.

What the race shows and what it does not

A bar race shows how far each market has come. It does not show whether its trend still holds. That is a question for a chart with a trend line: a straight line under the rising lows, drawn from the low where the advance began. On the editor's charts, two of these seven have closed under that line, crypto earlier in the year and gold this week. The Nasdaq 100 sits on support above its line; the S&P 500 and the two world funds are inside their channels. The Lab Read on the trend breaks has the charts and the levels.

Embed this chart

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<iframe src="https://closelook.net/embed/race/bull-markets-2022/" width="100%" height="680" frameborder="0" loading="lazy" title="Closelooknet 2022 Bull Markets Race"></iframe>

Methodology

Markets: bitcoin (BTC-USD), gold (GLD), the chips (SOXX), the Nasdaq 100 (QQQ), the S&P 500 (SPY), world stocks outside the US (VEU) and all world stocks (VT).
Value: price, rebased to 100 at the close of 30 December 2022; dividends not included. One frame per month-end.
Source: the Closelooknet data lake; the chip fund from Yahoo Finance's daily closes, adjusted for its 2024 share split.
Why bitcoin, not a crypto fund: the Bitwise 10 fund on the editor's chart rose more than eight-fold from the end of 2022, about twice bitcoin's gain, and its bar would squeeze every other runner to a sliver.
Cross-read: the AI handoff race shows the same turn inside the AI trade in 2026.

Published as an investment diary, not advice or a recommendation. Rebased levels show relative performance only.

Bar Races — data Q&A

What is the Bar Races?

Animated bar races over the house data — AI megacaps, index leadership, sector rotation and Money Temperature — the same numbers as moving pictures. Part of the Closelooknet Lab (Visualisations).

What does the Bar Races cover?

Animated bar races over the house data — megacaps, index leadership, sector rotation, temperature. 4 races · Animated. Sub-surfaces: AI megacaps, Index leadership, Sector rotation, Temperature.

How often does it update?

Re-baked after the US close on trading days from the Closelooknet lake, the index workers and vendor series; the page states its own as-of date.

Is this investment advice?

No. Every Lab tool is a data surface in an investment research diary — it describes what the engine measures, never what to do.