Goldman Sachs on S&P500: Flat is the new up" in a range-bound market

In its latest outlook on the US S&P 500 published on Wednesday, Goldman Sachs predicted that the US benchmark index will remain more or less flat going forward.

Key Points from the report:

 Flat is the new up" in a range-bound market

S&P 500 will likely draw down in the second half of 2016

But end the year around 2100

It will continue to be range-bound during the remainder of this year

Expect a pullback of 5%-10% for the index

Driven by rising policy uncertainty, unstable global growth, decelerating buybacks

On the plus side, above-trend US GDP growth, a cautious Fed, and an earnings recovery will send the S&P 500 to 2100 by year-end