S&P 500 PRICE TARGETS — May 29, 2026. Current: 7,580 SPX (new all-time record close; +1.4% for the week). 1-Month: 7,650 (+0.9%). 3-Month: 7,750 (+2.2%). Year-End 2026 Base Case: 7,900 (+4.2%). Bull Case (Stretch): 8,300. The desk's read: Iran ceasefire negotiations progressing (details unresolved); VIX collapsed 16.70 → 15.32; oil fell $8.84 to $87.76; 10-year at 4.45%. Desk judgment: markets appear to be pricing de-escalation; volatility pricing reflects near-complete complacency. Sector: XLK +5.9% led; XLE -5.4% on oil; XLF -0.69% on regional-bank headwinds. Risks: ceasefire breakdown (7,200–7,350), Q2 earnings disappointment (7,300–7,500), low-VIX overconfidence, trade war escalation.