S&P 500

Key insight

7,765 consolidates after a multi-month grind higher — gold at $4,360 and silver +1.7% signal risk-on rotation; sustained close above 7,800 opens 8,000 measured extension.

Holds 7,765 at all-time-high territory with flat 24h print — no distribution, bulls maintain control above the 50-day MA near 7,580 and prior breakout zone at 7,600.

Main risk

US 10-Year Treasury Yield Spike

Yield surge above 4.80% would compress equity multiples; USD/JPY at 157.4 confirms carry still live, but a reversal is the primary threat.