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A Pause in the Stock Market Rally

A Pause in the Stock Market Rally

March 12, 2024

The market was down slightly last week as the rally took a breather and investors considered their next moves. Investors are weighing the congressional testimony of fed chair Powell, new inflation reports, and next weeks fed meeting, and the stock market reflects that indecision.

Investor sentiment seems to be focused on the belief that a short-term pullback is more likely than a continuation of the rally. People are trying to wrap their heads around the AI trade and whether it’s gone too far too fast, or if it’s just getting started. I believe in the next month or two a pullback to the previous highs of the S&P 500 (4800) is a likely probability and would be in line with historical market cycles. In the longer-term I believe the S&P 500 has a good chance of being significantly higher by the end of the year, above 5500 and possibly around 5800.

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Photograph by: Thomas Boulay on Unsplash

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