1. The S&P 500 has seen significant volatility due to tariffs, falling sharply but rebounding after a tariff pause announcement. 2. The current PE ratio of the S&P 500 is high compared to the last 30 and 100 years, suggesting caution. 3. Earnings growth is crucial for the index, with a 6.8% annual growth rate expected to yield a 1.28x return at current levels. A potential 1.55x return could be achieved if invested at 4,400. 4. The recommendation is to use dollar-cost averaging to gradually increase exposure, but wait for a sharp pullback to 4,400 to reinvest.