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The S&P 500 is within 2% of its all-time high, but the VIX, Treasury yields, and historical patterns are drawing investor attention

Angela Weiss/AFP via Getty Images

Wall Street is entering September with the S&P 500 close to record territory but facing a cluster of risk signals that analysts say warrant attention, even if the seasonal case for alarm is less clear-cut than commonly presented.

The S&P 500 has stayed within 2% of its record high above 7,800 throughout August. The index has gained 12.72% year to date, with the Nasdaq $NDAQ Composite up 14.23% and the Dow Jones Industrial Average up 10.72%.