At about 5%, May of 2026 would be the 5th biggest May in the last 50 years. The eight-week rally is one of the most explosive in the last 75 years. Big Mays are typically followed by positive Junes – bucking the “sell in May, go away” credo.

It’s tough to get comfortable with that stance, however, given the softening consumer dynamics due to rising inflation from Trump’s war on Iran. But, SPX is nearing 7600, which was the year-end target for many Wall Street firms.

Much will depend on whether or not VIX and VX can make new lows.

And, it would really help if the 10Y can break down in the wake of continuing WTI declines.