Trump says Iran’s military ‘decimated’. And yet, we still see Iran launching missiles and drones hitting the region. It clearly still has the ability to shut the Strait of Hormuz effectively.
The US doesn’t want to strike Iran’s oil facilities due to fears of escalating oil prices further — but Israel went ahead and struck Iran’s South Pars gas field. Iran retaliated by firing at Qatar’s Ras Laffan LNG facility, causing some damage. That sent oil prices above $100 and share prices down again.
Then the latest development: Israeli Prime Minister Benjamin Netanyahu said Israel acted alone on the bombing, and Trump has asked Israel not to carry out further attacks on oil facilities. This moderated oil prices — for now.
The last time the S&P 500 broke below the 200DMA was during Trump’s unilateral trade war announcement about a year ago. The index dropped about 14% below the 200DMA before staging a recovery. Who says the same can’t happen this time?
The S&P 500 has reached a significant milestone — the 200-Day Moving Average (200DMA). Fundamental investors might not care much about this level, but for technical traders, the 200DMA is everything. It’s seen as the defining line for the market’s overall trend. Stay above it, and the market is considered bullish. Dip below, and it flips bearish.
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