The IPO Market Oscillator has entered a decisive upswing, with its 120-day moving average now rising into the Strong Bull regime for the first time since early 2021. This move reflects a broad and sustained improvement across virtually every dimension of issuance behavior — deal pricing, first-day performance, and technical trading signals.

The composite score’s advance underscores a meaningful shift in investor psychology: risk appetite has returned, deal quality has improved, and secondary-market liquidity has deepened enough to absorb new supply without destabilizing prices. Historically, similar transitions into the Strong Bull zone have preceded periods of elevated deal flow and favorable trading outcomes for new issues.

While the pace of improvement may moderate, the current trajectory suggests the IPO market has regained structural momentum after a multi-year reset.