The S&P 500 is caught in an extremely narrow trading range. What’s happening beneath the surface could decide where the index goes next.

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The S&P 500 has remained stable despite significant sector rotation, with software stocks declining while defensive sectors like consumer staples (e.g., Walmart, Costco) surged. This divergence highlights shifting investor priorities toward safety amid economic uncertainty. The narrow range suggests market indecision as bulls and bears remain evenly matched. A breakout could signal a shift in broader market sentiment, impacting global equity allocations.