Final answer:
In strong bull reversals, common characteristics are high volume, wide spread, and closing near the high, indicating a transition to an upward market trend.
Step-by-step explanation:
When analyzing characteristics common in strong bull reversals, we are looking for signs that the market is transitioning from a downward trend to an upward one. In a strong bull reversal, one typically sees a scenario that corresponds to option B) High volume, wide spread, and a close near the high. This suggests that there's a robust buying interest, with traders entering the market with confidence, leading to a significant price movement (wide spread), and because the closing price is near the high, it shows that the momentum is carrying forward into the next trading period.
Comparing historical bull and bear markets can help in understanding these trends. For instance, in bull markets like the one in 1995 when the DJIA broke 4000 or in 2000 when it reached 12,000, we would have observed characteristics like these, with the market closing strong in the face of high trade volumes and price ranges.