The broad market index ended Friday at 4,594.63, its highest close for 2023.
.SPX YTD mountain S & P 500 in 2023 Year to date, the broad market index is up nearly 19%, fueled primarily by large-cap tech names like Meta and Nvidia .
He also noted that the market faces bleak prospects going into the early 2030s, expecting a range-bound S & P 500 in real terms" as investors navigate a secular bear market.
"The CPI inflation-adjusted S & P 500 peaked near 5,300 in Dec-2021 and has been lower since, which is characteristic of a decade-long Secular Bear Market featuring a flattish/range bound market," Bannister said.
As the market growth story shifts to cyclical growth, Bannister says the previous "high level of returns … is gone for a generation."
Barry Bannister, Bannister, Michael Bloom