The chart of the week looks at the number of new highs in the S&P 500 by year since 1991. As is very clear by the chart, new highs happen during bull markets and tend to come in groups. So, even when we hit new highs, it doesn’t mean that the market will drop. We have not seen new highs in 2023 and in 2022, aside from one. But, as we have seen many, many times, long-term, the market has gone up and we should see new highs at some point in the future. When those come, it does not mean the market will fall. In the last 33 years, we have seen more than 30 new highs in 12 years, or more than 1/3 of those years.