S&P 500

Key insight

7,635 is a knife-edge: Gold at $4,372 and Silver +2.1% scream macro stress while Nasdaq holds — divergence between tech resilience and broad risk-off must resolve before the next 200-point move is clear.

7,635 holds near all-time highs but momentum stalls — Europe down 1.2%, USD/JPY surging to 157.7 signals risk-off cross-currents offsetting Nasdaq's +0.2% tech bid.

Main risk

USD/JPY surge to 157.7

157.7 print risks BoJ intervention; prior episodes triggered sharp equity unwinds — watch 160 as the line that forces Tokyo's hand.