2024 marks only the fifth time the S&P 500 has reached an all-time high on more than 55 days in the year. Only four other times in modern history has it had more all-time highs in a year.

The 2025 forecasts continue to come thick and fast, and a notable projection is a fresh one from JPMorgan. For some time the U.S. bank has been among the most cautious of stock market observers.

The current market looks more mood-driven, and that puts the bulls on shaky ground. Fact is, if the S&P 500 SPX over the past five years had risen at the same pace as earnings per share ...