According to Edward Dowd, the recent positive news regarding tariffs has likely reached its peak effect for SPX stock gains, signaling limited upside unless earnings accelerate or valuation multiples expand, which he views as unlikely given structural headwinds and recession risks (Source: Edward Dowd, Twitter, May 9, 2025). For traders, this suggests a potential double top formation is improbable, increasing caution for equity exposure. Crypto market participants should monitor SPX closely, as a stagnating US equities market could drive increased capital flows into digital assets seeking higher returns.