Lee also identified Ethereum as one of the assets that could lead the next move alongside the Magnificent Seven and software stocks. Tom Lee Sees Another Leg Higher for the S&P 500Lee’s bullish argument rests largely on earnings and investor positioning. An S&P 500 move toward 8,000 would require only a few additional percentage points of upside from current levels. He identified the Magnificent Seven, software stocks and ETH as potential leaders as markets recover from the latest correction. The data introduce a new variable into the S&P 500 outlook.