S&P 500

Key insight

7,700 round-number cap is unbroken — bulls need a daily close above it to open 7,800. Gold's 1.1% drop and BTC's 4.3% surge signal crypto-led risk rotation, not equity flight.

7,675 stalls just below the 7,700 round-number resistance; broad index down 0.4% as Dow sheds 0.8% and oil surges 2.7%, signalling rotation rather than broad risk-off.

Main risk

Oil spike to $86.5 (+2.7%)

Crude at $86.5 revives inflation fears; sustained move above $90 pressures Fed to hold rates, compressing equity multiples at stretched 7,600+ levels.