Futures markets indicate that the S&P 500 is expected to open at 4,895 on April 8, 2025, which represents a 20% decline from its all-time high of 6,144 reached on February 19, 2025. This opening level is also 24% lower than the most bearish analyst's forecast for 2025 and 31% below the most bullish outlook. Analysts suggest that the S&P 500 could trade between 4,830 and 4,622 based on historical drawdowns from similar secular bull market scenarios. Additionally, the index is approaching a critical 200-week moving average at 4,677, which is 5.2% below the last trade price. Meanwhile, Dow futures are also reported to have fallen 20% from their all-time highs recorded in December 2024.