S&P 500

Key insight

7,708 consolidates under the Aug ATH at 7,780 — a weekly close above flips the next target to 8,000. Dow's -0.5% lag vs Nasdaq's +0.1% signals rotation into growth over value.

7,707 holds above the 200-day MA near 7,200 and July ATH breakout zone; trend intact despite Monday's flat open on Labor Day-thinned volume.

Main risk

USD/JPY Yen Strength Shock

USD/JPY -1.2% to 154.4 flags yen carry unwind risk; a break below 150 has historically triggered S&P deleveraging episodes.