Wall Street strategists say U.S. stocks may face a choppier stretch ahead even as the S&P 500 has posted strong gains, fund inflows have continued and market-wide selling signals have remained notably absent. The VIX fell to 14.2 on Friday, its lowest level of 2026, while BTIG's Jonathan Krinsky noted that since last October there has not been a single extreme selloff day in which declining volume reached 80% of total trading. The Kobeissi Letter said 2026 is on track to become the first full year in at least 30 years without a single 80%+ NYSE downside-volume day, compared with an average of about 21 such days a year since 1997. Susquehanna said the recent reset in volatility has been substantial but warned that cross-asset and geopolitical risks remain active, with two-month implied volatility edging back up to 13.5% near levels seen before the Iran conflict erupted. Strategists also cited the historically weaker mid-August to mid-October period, with BTIG's model showing that in every U.S. midterm election year since 1990, the equal-weight S&P 500 has suffered at least a 7% pullback from an average peak on Aug. 18 to mid-October.