S&P 500

Key insight

7,673 sits in no-man's land: 50-day MA at 7,580 is the bull/bear line; a daily close below it opens 7,400. Oil -2.6% today drags energy, but broad index damage is minimal — sector rotation, not distribution.

7,673 holds above the 50-day MA near 7,580 but stalls below the 7,700 round-number resistance — tape is consolidating after an extended run, with no clear near-term catalyst to resolve direction.

Main risk

US Treasury yield spike / re-acceleration

Yields re-accelerating above 5% on sticky inflation would reprice equity multiples — 7,580 50-day MA would break within days.