S&P 500

Key insight

7,735 consolidates just below round-number resistance at 7,800 — a weekly close above flips target to 8,000+; failure holds the June breakout at 7,450 as next key test.

7,735 holds above the 200-day MA near 7,200 and the June ATH breakout zone at 7,450 — trend is intact, but momentum is slowing into the summer-end low-volume window.

Main risk

Yield curve steepening / 10Y retest

10Y Treasury yield reverting above 4.80% would pressure equity multiples, with S&P forward P/E near 22x offering little cushion.