Oppenheimer Warns S&P 500 Could Fall 8% to 7,000 Level by Q3 on Seasonal Headwinds

SPX500-0.70%
According to CNBC on July 14, Oppenheimer's technical analysis expert Ari Wald predicted that the S&P 500 index could retreat to the 7,000 level, representing approximately an 8% decline from current levels, amid seasonal weakness in the third quarter. Wald noted that the index has failed to break above its June highs and warned of persistent seasonal headwinds throughout July, August, and September, with historical data showing September as the weakest month of the year, averaging a 0.7% decline.
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