S&P 500 PRICE TARGETS — CURRENT 7,748.50 SPX · Wed Aug 12, 2026 close (+0.26% from Tue Aug 11 7,728.20; -0.06% WTD vs Mon Aug 10; soft July CPI absorption) 1 MONTH 7,800 +0.66% above current (within single-session reach as disinflation thesis clarifies) 3 MONTH 7,900 +1.96% above (pending Sep 15-16 FOMC 25 bp cut + Jackson Hole Aug 27-29 confirmation) YEAR-END 2026 8,000 +3.25% above (intact; soft CPI confirmation + structural AI capex + Fed cut window now open). The July CPI print (+0.1% MoM headline, +0.2% core; annual 3.4% headline and 2.5% core, both down 0.1pp from June) cleared the path for a September 15-16 FOMC cut. VIX compressed to 14.55; GLD extended to $404.92 (+0.99%); tech re-asserted (XLK +1.49%, QQQ +0.73%); cyclicals lagged (XLY -1.13%, XLB -1.24%).