Markets tend to move in cycles. They typically experience cyclical pullbacks after trending higher for a long period of time. Rarely do markets move straight up or straight down.
The stock market has, however, essentially moved straight up since the March 2020 mini-crash. As the market moves higher, an increasing number of analysts are calling for even higher equity prices.
Just last week, in fact, an analyst called for the broad market S&P 500 index to double by 2030.
Calls for an 8000 S&P do not seem quite as farfetched as they did just a year ago. That is the power of greed (and wishful thinking) at work.
It is no secret that the Federal Reserve has fueled the markets gains. The Fed cut interest rates down to zero over 10 years ago.