Stock-market timing guru Tom Demark says S&P 500 will see 3,500 before peaking

The technical analyst and market timer says that the broad-market stock index is likely to touch 3,500 as the overall stock market attempts to play catch up with the blistering pace of gains in the Nasdaq Composite Index, which has set 28 record highs in 2020, while the Dow Jones Industrial Average and S&P 500 have yet to register a record since their respective peaks around mid February.

“The catch-up will be fast,” DeMark told Bloomberg in a recent phone interview. “And it’s going to catch people off guard.” Large-capitalization technology stocks, including the likes of Tesla Inc. TSLA, +0.32%, Microsoft MSFT, +0.46%, Facebook FB, -0.99%, Apple AAPL, +0.07%, Amazon AMZN, -1.35%, Netflix NFLX, +0.15% and Google parent Alphabet GOOGL, -0.33% have contributed disproportionately to this run-up, leaving in its wake industries that are considered more economically sensitive like financials and energy.

DeMark employs a so-called momentum formula that compares closing levels of the S&P with those from four days earlier among other complex indicators to make his determinations. At least that is part of his complicated secret sauce.

So even the experts know it's a bubble

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