WOLFE: S&P 500 MAY NEED DROP TO 6500 BEFORE REBOUND Wolfe Research warns the S&P 500 could fall to ~6500 before a durable rally. Analyst Rob Ginsberg says markets haven’t shown true panic—key signals like volume, put/call ratios, and VIX structure don’t indicate capitulation. While 6780 support has held, Wolfe expects a deeper “flush” lower to reset sentiment. One bright spot: software stocks remain resilient, with the iShares Expanded Tech-Software ETF posting recent gains.(*Walter Bloomberg)