S&P 500 and NASDAQ jumped to new record highs overnight as risk of imminent US-Iran war receded after President Donald Trump indicated he’s not expectation further retaliations for now. He said in Washington that “no Americans were harmed in last night’s attack by the Iranian regime… All of our soldiers are safe and only minimal damage was sustained at our military bases”. “Iran appears to be standing down, which is a good thing for all parties concerned and a very good thing for the world,” Trump added.
S&P 500 is holding well above 3212.03 support with recent consolidations. Hence, near term bullishness is maintained. Current up trend could target 161.8% projection of 2728.81 to 3027.98 from 2855.94 at 3339.99 next. However, upside momentum is clearly diminishing as seen in daily MACD. Upside should be limited around 3339.99 to bring consolidations at least. Meanwhile, break of 3212.03 will suggest that a short term top is formed and bring pull back to 55 day EMA (now at 3140.64).
