CNBC commentator Mike Santoli analyzed that the S&P 500 index, after oscillating within a 3% range for nearly three months, achieved a breakthrough, hitting historical highs three times last week and surpassing 7750 points on Friday. He believes that the decline in momentum stocks and the pressure faced by large tech platforms in July were almost entirely offset by the strength of other sectors. Furthermore, the speech by Federal Reserve Chairman Kevin Warsh in July was interpreted by the market as a "scare and relief" sequence, providing momentum for the index's breakthrough.