S&P 500 rallies to resistance as investors weigh macro risksUS SP 500 CFDFOREXCOM:SPX500FOREXcomUS equities have staged a decent rebound today, but the broader outlook remains fragile as several macro risks continue to threaten market sentiment. Rising tensions between the US and Iran have pushed oil prices above $90 a barrel, adding to inflation concerns, while elevated Treasury yields, a more hawkish Fed outlook, and the potential unwinding of yen-funded carry trades all pose downside risks for equities. Although dovish comments from Fed Governor Christopher Waller and a pullback in bond yields have provided short-term support, the broader trend of rising yields remains a significant headwind, particularly for growth-focused sectors such as technology. Investors are now closely watching upcoming US payrolls and inflation data for signs that could challenge expectations of a September Fed rate hike, though Chair Kevin Warsh’s hawkish stance has made it harder for softer economic data to shift market expectations materially. From a technical point of view SPX500 has staged a text book bounce from KEY support at ~7610/7620 area, the prior resistance zone. After a two-day rally from there, it is now at resistance near the resistance trend of its bull flag/bear channel circa 7746. Needs a higher high above 7771 to potentially pave the way for new record highs. A bit of a pullback from here makes sense. Things will only get bearish if the 7610/7620 key support area breaks in the coming days. By Fawad Razaqzada, market analyst with FOREX.com