Editor's Note: This article has been updated to reflect that the fund formerly known as the Invesco Defensive Equity ETF is now the Invesco Bloomberg Pricing Power ETF.

The S&P 500's fireworks this week may have lit up Wall Street, but Jeremy Siegel isn't buying into the revelry just yet.

Pause Doesn’t Equal Peace: Trump's Tariff Timeout Isn't The Endgame

Despite a 9.5% one-day rally that put the index in rarefied post-World War II territory, Siegel told CNBC's Squawk Box that investors celebrating a tariff truce may be getting ahead of themselves. "We're not out of the woods," the WisdomTree chief economist warned, pointing to the looming uncertainty in U.S.-China trade negotiations.

President Donald Trump's 90-day pause on reciprocal tariffs sparked the market’s surge, but with the 10% tariff now permanent and China countering with 84% on U.S. goods, this is hardly a peace treaty.

According to Siegel, investor sentiment remains shaky, still reeling from the initial tariff shock. That means the S&P 500, down 11% from its highs and still negative for April, may struggle to reclaim its February peak anytime soon.

Next Stop: July 9 and More Trade Turbulence

The market's next inflection point? Likely July 9, when the next tariff round could escalate tensions further.

For investors riding the broader index rebound, ETFs like the SPDR S&P 500 ETF Trust SPY, iShares Core S&P 500 ETF IVV and Vanguard S&P 500 ETF VOO have all surged — but Siegel suggests caution.

For investors looking to play defense, sector ETFs like the Invesco Bloomberg Pricing Power ETF POWA or the Utilities Select Sector SPDR Fund XLU may offer some shelter.

On the flip side, those still leaning into the rebound could watch the iShares U.S. Technology ETF IYW as tech has led past snapbacks, but remains exposed to global trade flows.

This isn't an "all clear" for risk-on strategies. Bulls may want to wait for more than just headlines before charging back in.

Read Next: