The S&P 500 index, represented by the SPY ETF, is currently trading approximately 3% below its all-time highs, having recovered from losses experienced earlier in the year. Since April 22, the index has declined only three days, indicating relative stability. Market momentum has been supported by a surge in options sentiment, with the Option Score rising from 0 to 5, reflecting increased bullish conviction among investors. JP Morgan has expressed a positive near-term outlook, stating that the market is poised to retest its all-time highs.