The question on everyone’s mind is: can the markets sustain their 2017 performance in 2018?

Read: Synchronized global growth favours equities, but risks lie in wait

Certainly, it’s been “a drama-free, banner year for equities,” says BMO chief economist Douglas Porter in an economics report. “The S&P 500 never saw so much as a 3% micro-correction for the entire year,” he says, adding that record highs on the indexes fell “like dominoes,” led by a 28% jump in the Nasdaq. Almost all equity markets advanced, except Russia.

But what goes up, must come down, right?

Read: Investors could be disappointed by equities in 2018: report

“With the S&P 500 now trading at roughly 18 times forward earnings, the odds of a correction have certainly increased,” say National Bank economists Stéfane Marion and Matthieu Arseneau in a report.

But they don’t foresee a severe or extended pullback. That’s because the underlying economy is strong (despite the Bank of Canada governor tossing and turning at night).

Read: Expect growth until late 2020: Desjardins

Nick Exarhos, director at CIBC World Markets, offers specifics in a report. Referring to the S&P, he says, “Strength in the labour market and higher rates should help support tech and consumer-focused sectors along with financials, while tax reform allowing immediate expensing of capital expenditures should give a lift to industrials.”

Read: 5 economic trends to watch in 2018

For fuller comment on investing in 2018, we’ve rounded up a baker’s dozen of outlooks:

Also read:

Reasons to watch U.S. credit spreads