The S&P 500 index recently closed at 6000 and has been trading near this level, with the 5985–5990 range identified as a critical support zone following its recent breakout. Key technical levels include resistance at 6100 and support clustered around 5925–5900, with a short-term trading range of 5948–6051. As of the end of May, the S&P 500 price-to-earnings (P/E) ratio has risen to between 21.3x and 22x. The S&P 500 forward earnings per share (EPS) estimate has reached a record high of $280, while the S&P 490 trades at 18.7x earnings. SMIDs are trading at a P/E of 16x. S&P has published a near-final figure for Q1 S&P 500 operating earnings at $57.80, prior to the impact of any new tariffs and including demand pull-forward from the tariff pause. This annualizes to $231.20, resulting in a pre-tariff run-rate P/E of 26x at the 6000.36 index level. Earlier calculations had mistakenly cited a P/E of 30x. April’s annualized tariff revenue is estimated at $188 billion, equivalent to 1.02% of trailing 12-month S&P 500 sales. In calendar 2024, tariffs were 0.44% of sales, suggesting a potential 60 basis-point hit to profit margins if the higher rate persists. Market indicators show the SPX holding near highs, while the Long/Short Vol Barometer has reached multi-month lows, indicating reduced demand for long volatility positions and possible market complacency. Recession odds are near their lowest for the year at 20%.