Iran’s response if Israel takes any further military action against it would be “immediate and at a maximum level,” Foreign Minister Hossein Amir-Abdollahian told CNN Thursday, as fears rise of an escalation of the conflict in the Middle East.
“In case the Israeli regime embarks on adventurism again and takes action against the interests of Iran, the next response from us will be immediate and at a maximum level,” Amir-Abdollahian told CNN’s Erin Burnett in an exclusive interview in New York.
His remarks come in the wake of an unprecedented Iranian attack on Israel last week that Tehran said was retaliation for a deadly suspected Israeli airstrike on Iran’s consulate in Syria – placing the region on edge as Israel vowed to strike back in return.
Hours after Amir-Abdollahian’s comments, Israeli missiles have hit a site in Iran, according to the US broadcaster ABC News, which cited an unnamed senior US official.
The Iranian state television reported explosions in Isfahan, as air defences were activated and flights across several areas including Tehran and Isfahan were suspended.
Israel promised to respond after Iran last Saturday launched a barrage of drones and missiles on the country, after a suspected Israeli strike on Iran’s consulate compound in Damascus killed a high-ranking commander.
There have also been reports of explosions in Syria and Iraq.
Isfahan is considered a strategically important city and one that is host to several important sites, including military research and development sites, as well as bases. The nearby city of Natanz is the location of one of Iran’s nuclear enrichment sites.
Commercial flights began diverting their routes early on Friday morning over western Iran without explanation as the semi-official Fars news agency in Iran said there had been “explosions” heard over the city of Isfahan.
Short at open
Long the reversal
The recent ATH for SPY is about 525. A 5% pullback will be 498. We’ve hit that price point yesterday. Bearing in mind that 5-10% is highly likely in this volatile season. We could see a possible short term support around 491 once Iran retaliates.
Some interesting facts:
SPY in 2022 hit 460 in the height of quarter two ER. Then there was a 30 point pullback followed by a 20 point reversal.
When the Ukraine war started, SPY was at 450 and suffered another 30 point pull back to 420 before a reversal towards 435.
SPY dived almost 30 point to 410 on the fear of 75 bps hike caused by inflationary pressures from the war going into FOMC.
At present, a 30 point pullback from 525 gives us 495. It’s good to have a reference from historical price action to understand market patterns to find a pivot.
⚠️ Trading tips: looking at puts under 498.4 and sell the peak around 500 to 500.5. However, it’s best to avoid swinging any calls this weekend. Wait for the market to bottom out before firing the first of three shots to long. Have a lovely weekend ahead!
Bearish chart
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