The stock market has demonstrated a remarkable surge of close to 20% in the ongoing year. This upward momentum might be a part of a broader secular bull market cycle that could propel the S&P 500 to reach 14,000 points by the year 2034.

This assessment comes from Robert Sluymer, a technical strategist at RBC, who recently shared in a note that an upward trend, originating in 2016, could be gaining traction within the stock market.

Sluymer emphasized, "The long-term secular trend for US equity markets remains positive with an underlying 16 to 18 year cycle supportive of further upside into the mid 2030s, potentially to S&P 14,000."

If his projection materializes, with the S&P 500 reaching as high as 14,000 points by 2034, it could imply a potential increase of 209% from the present levels. This translates to an average annualized growth of slightly below 10% over the course of the next 11 years.

Sluymer pointed out that these generational cycles have traversed phases of expansion and contraction, each spanning nearly two decades.