US500 shows a partial risk repair, not a full recoveryUS 500 CASHERRANTE:US500ErranteThe index trades near 7,426 after rebounding from 7,380, but price is still below the WMA near 7,467 and below the key 50% and 61.8% retracement levels at 7,440 and 7,455. This makes the rebound corrective rather than impulsive. The 38.2% retracement at 7,426 is the immediate pivot. A move above 7,455 would show that investors are willing to look through the weekend shock and rebuild equity exposure. A failure below 7,409 would suggest the bounce is only short-covering after Monday’s volatility spike. For FX, a stronger equity recovery would reduce defensive USD demand. A failed rebound keeps pressure on growth-sensitive currencies and supports the dollar against cyclical FX.