S&P 500

Key insight

7,597 consolidates just below 7,600 round-number resistance — a clean close above opens 7,800. Gold's -1.8% drop and BTC's -1.4% slide signal mild risk rotation but equity tape is resilient.

7,597 holds above the 200-day MA near 7,200 and the June all-time high breakout at 7,400; momentum is constructive with oil at $100 and USD stable, supporting risk appetite.

Main risk

Oil at $100 reignites inflation fears

Crude at $100.2 pressures Fed to stay restrictive, raising real yields and compressing equity multiples at record highs.