New York -  U.S. stocks may be trading at record highs, but they are not expected to get much more bounce this year, according to strategists in a Reuters poll who predicted a rough second half.

Volatile stock markets are at best likely to cling on to the gains they’ve already made, with investors trading cautiously as they await the ramifications of Britain’s shock vote to leave the European Union and as the United States heads into November’s presidential election.

The benchmark S&P 500 is projected to end this year at 2,125, slightly below Monday’s record-high finish of 2,137.16, according to the median forecast of 49 strategists polled by Reuters over the past two weeks. That is very close to the predictions made in April.

The S&P 500 is already up almost 4.6 percent in 2016 despite the worst start to a year in the index’s history and a post-Brexit vote selloff. On Monday, it surpassed the record high it held for more than a year, helped by the relative stability of the U.S. economy.

The Dow Jones industrial average is forecast at 18,200 by year end, up 4.5 percent from 2015’s close but slightly below Monday’s close of 18,226.93.

Small gains are forecast for 2017 as well, with the S&P 500 forecast to end next year at 2,200. 

But forecasters said reaction to Britain’s June 23 referendum to leave the EU is not over.

For one, Brexit’s impact on the U.S. dollar and potential effect on the European economy have fueled concern about earnings for U.S. multinationals and worries a nearly year-long U.S. profit recession will go on. The trade-weighted dollar index

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is up about 3 percent since June 23.

“It’s Brexit one day, election issues the next. We’ve been telling clients to sort of buckle up,” said Jeff Mortimer, director of investment strategy for BNY Mellon Wealth Management, which has a year-end target of 2,150 on the S&P 500.

Still, Mortimer and most strategists in the poll do not see the Brexit decision leading to another financial market crisis.

“Look at how quickly markets have snapped back,” he said.

The Bank of England is expected to cut interest rates in coming months, although perhaps not this week, as well as re-start asset purchases which have already pushed yields on government bonds sharply lower. [BOE/INT] [US/INT]

Uncertainty about the U.S. interest rate outlook will make for cautious trading as well. A separate Reuters poll on Friday showed Wall Street’s top banks were almost evenly split over whether the Fed would raise rates in 2016; a razor-thin majority expects one rate hike by the end of the year.

Analysts expect earnings for S&P 500 companies to have declined 5 percent in the second quarter and see just 0.1 percent profit growth for all of 2016, Thomson Reuters data showed.

That makes stocks seem expensive, with the forward price-to-earnings ratio for the S&P 500 at 16.8 versus its long-term average PE ratio of 14.7.

“To a large degree, equities are entering the second half of the year priced to perfection, with a narrow margin of error,” said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management.