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The S&P 500 first hit 7,500 on May 14 and has remained stuck around that level. The index continues to cruise along its 50-day moving average. A 6.0% drop would send it back to its 200-day moving average (chart). We have seen this movie before, recently, during late 2024 into early 2025 and again during late 2025 into early 2026. Both saw similar bouts of sideways consolidation, followed by pullbacks that attracted dip buyers. That's a plausible scenario through September, in our opinion. We are still aiming for 8,250 by the end of this year.
Consider the following:
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