S&P 500

Bullish

Archived analysis from Aug 21, 2026, 1:17 PM

Key insight

7,674 trades near the upper end of the 2026 channel; Gold at $4,584 and BTC +6.2% signal risk-on rotation — next resistance is the round 7,800 level.

7,674 holds above the 200-day MA at ~7,200 and the 2025 ATH breakout zone near 6,150; trend is structurally intact with all three major US indices posting gains on the day.

Main risk

USD/JPY Carry Unwind Risk

USD/JPY at 158.8 — any sharp yen rally above 150 unwinds carry trades and triggers equity de-risking, as seen in Aug 2024.

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