S&P 500

Bullish

Archived analysis from Sep 2, 2026, 1:46 PM

Key insight

7,634 acts as near-term pivot — flat session after a multi-month advance signals consolidation, not reversal. Next directional leg depends on the Fed's September rate path and upcoming jobs data.

Holds 7,634 near all-time highs with Dow diverging up +0.2% — breadth intact. Gold at $4,338 and oil at $88.6 confirm risk-on with no commodity inflation shock disrupting the rally.

Main risk

USD/JPY at 159.6 — yen carry unwind

JPY strengthening -0.4% today; a sharp yen spike to sub-155 could trigger carry unwind, hitting risk assets hard across equities.

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