S&P 500
NeutralArchived analysis from Aug 24, 2026, 8:21 PM
Key insight
7,654 holds the Aug 20 closing low of 7,641 — a close below that invites a test of 7,500. Nvidia earnings on Aug 26 are the binary catalyst for the next directional leg.
7,800 all-time high (Aug 14) now ~2% above; chip selloff and sticky 10Y yields near 2025 highs drag index back to 7,650 range, keeping bulls on defense.
Main risk
Nvidia Earnings – Aug 26
Miss or weak guidance at 7,654 risks triggering a SOXX-led cascade; SOXX already -2.7% today with SOX index off 5% over 5 days.
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