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We are at the midway point of 2024 and all major market indices have reached all time highs this year with the S&P 500 and NASDAQ Composite both in a 'BULL-Market' for the 12-months ended Friday...

Writer's picture: Paul ThurstonPaul Thurston

Updated: Aug 1, 2024

We are at the midway point of 2024 and all major market indices have reached all time highs this year with the S&P 500 and NASDAQ Composite both in a 'BULL-Market' for the 12-months ended Friday June 28, 2024.    


It is the S&P 500 and NASDAQ Composite that have reached several all-time record highs in the second quarter of year, 2024 while the DJIA has receded some off of its all-time record high of 40,003.59 which was attained on May 17, 2024.


With the S&P 500 and NASDAQ Composite reaching multiple all-time record highs in the second quarter of the year, 2024 it is sufficed to say that we are in fact in the midst of a major market push that could very well go even higher as we move into and through the third quarter and remainder of the year, 2024.  


Major market indices may in fact be volatile (VIX) for the remainder of the year.  


With that said the major market indices may however recede from their current levels as we move into the third quarter and remainder of the year which may be characterized by a market pull-back that also potentially includes market volatility (VIX).


Taking all of this into account we very well may be in for some more of the market-magic that we have seen not just this year but for over four years and even as far back as 2016 and it makes you wonder just how much longer we will see this market-magic and truth be known we do not intend on being a market-magic pessimist.     

 

Where are the major market indices headed as we move into the third quarter and further into the year,  YEAR 2K PLUS TWENTY FOUR?


Will the major market indices go even higher from these record levels?


-and-


Will it be Going!  Going!!  Going!!!


With more Go!!!


-or-


Will it be a major market retreat from these record levels?


-and-


Will it be Going!  Going!!  Gone!!!


As we move into the third quarter and into the second half of 2024 we must observe the milestones and successes of the past few weeks and even months and years and take time to reflect on the successes that this 'BULL-Market' has provided while being mindful that this 'BULL-Market' can and may retreat from the all-time record highs and that the retreat can and may be characterized by market volatility (VIX).  


Although there's always that inner voice saying to be an optimist with the 'BULL-Market' we have seen there is that potential outcome of the 'BULL-Market' we have seen for several years now retreating at any moment.


Let's take a moment and see where we are with the major market indices and have a look at those levels we have been talking about for the past couple of years and see what it would take for the major market indices to ascend to and reach the lofty aforementioned levels or if you would like to say mature and blossom to such fullness.


The question you may ask is...


Will this continue?


Well we have to wait and see for at least another couple of days, weeks, months, or even years as we are facing economic conditions that can and may change at any moment.


Here's how the major market indices faired since Monday January 1, 2024.  


DJIA ended trading on Friday June 28, 2024 at 39,118.86 which was +1,403.82 points or +3.72% above the close on Friday December 29, 2023, the last trading day of 2023. 


S&P 500 ended trading on Friday June 28, 2024 at 5,460.48 which was +717.65 points or +15.13% above the close on Friday December 29, 2023, the last trading day of 2023.  


NASDAQ Composite ended trading on Friday June 28, 2024 at 17,732.60 which was +2,966.66 points or +20.09% above the close on Friday December 29, 2023, the last trading day of 2023.    

We are in a 'BULL-Market' for two of the three major market indices for the 12-months ended June 28th, 2024 however all three major market indices are in a considerable 'BULL-Market' for the 5-years ended June 28, 2024. 


All said the market can and may sway into a 'CORRECTION' at any moment with instances of high volatility (VIX) and fluctuations in the market and this is a direct reflection of various current economic or non-economic conditions, but it could however ascend even further as we move further into the third quarter and into the fourth quarter and through to the end of this year and into next year.  


Now, the question remains...


Will we see a continuation of this 'BULL-Market' for the major market indices as we move further into 2024 or will we see a 'CORRECTION' in the major market indices with the aforementioned instances of high volatility (VIX) and a possible landslide of a downward trend.  


All of this will be answered in future days, weeks, months, and years!


Will this 'BULL-Market' continue as we move further into 2024 and will we see the 'FANTACY-Numbers' and 'FANTACY-Levels' mentioned late in the third quarter or early in fourth quarter of 2021 or will we see the aforementioned 'CORRECTION' and a subsequent 'BEAR-Market' with levels of the major market indices not yet reaching what was coined as 'FANTACY-Numbers' and 'FANTACY-Levels' which were not reached in the previous two years however have been getting ever closer since the beginning of this year.


Below are the 'FANTACY-Numbers' or as I described previously as 'FANTACY-Levels' along with the percentage increases necessary for attaining such a 'FANTACY'. 


DJIA 'FANTACY-Level':


42,400.00 which would be an approximate +8.38% increase.


S&P 500 'FANTACY-Level':


5,800.00 which would be an approximate +6.21% increase.


NASDAQ Composite 'FANTACY-Level':


18,400.00 which would be an approximate +3.76% increase.


Below are the 'FANTACY-Numbers' or points required for 'FANTACY-Levels':


DJIA requires gain of +3,281.14 points.


S&P 500 requires gain of +339.52 points.


NASDAQ Composite would require a gain of +667.40 points.


Now, if we see these 'FANTACY-Levels' reached this year or even next year that would be an utter and resounding wow or two and wouldn't that be nice or even more and more nice!


Be well and stay well! All the best...





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