NEW YORK ( TheStreet) -- The S&P 500, along with most broad-market index ETFs such as the SPDR S&P 500 ( SPY), SPDR Dow Jones ( DIA) and ProShares Q's ( QQQQ), made fresh all-time highs on the last trading day in March. Are such new highs fundamentally warranted?On a one-month view, fundamentals do not seem supportive. On a one- to two-year view, fundamentals appear to be quite supportive. On a secular view, the outlook is more worrisome. Overall, the outlook seems supportive, when one focuses on the cyclical fundamentals that tend to drive equity returns over the course of a one- to two-year time frame.