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The S&P 500 hit an all-time closing high on the last trading day of the first quarter.

The Dow meanwhile, had set a few record highs in the first quarter.

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All this bullishness has prompted many Wall Street analysts to raise their year-end S&P 500 price targets. Though of course, some warn that stock prices will tumble in the next two quarters.

In a new note, Gluskin Sheff‘s David Rosenberg that it is “exciting” to see the S&P 500 hit an all-time high, but that “beneath the veneer, some signs of ‘nonratification’ or at least ‘overbought’ readings are starting to take hold.” He offers 10 reasons: