The stock market has given investors a reason to celebrate this year. All three major indexes are rallying after falling into a bear market in 2022. The S&P 500 has climbed more than 20% from its bear market low, prompting some to even say a bull market has arrived.

But not so fast: To call a bull market, an index should also reach new highs. That hasn't happened yet, and some experts are sounding the alarm that things aren't as rosy as they seem. In fact, a top economist has warned that today's situation looks a lot like the lead-up to past market crashes.

Let's find out more about his comments -- and decide whether you still should invest in the stock market right now.

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Source Fool.com