Will $SPY Hold Above $680 While $QQQ Tests Key $605 Support?
$SPDR S&P 500 ETF Trust(SPY)$ has been ripping since it bounced off $660 on Monday due to Trump's positive comments about the war at 2pm EST. SPY hit a high $683.36 last night.
On the way back down towards $680 it broke the uptrend for the first time in 2 days here.
For today, it will have fight to stay above $680 to continue it bullish move. If it breaks down below $675 then $671-$672 is my target.
CPI data fairly flat for February but it won't be for March and the market knows this. The war on IRAN and US is still going on the strait of hormuz is still closed.
This still causes uncertainty for what will happen on FOMC on March 18. Which I think right now it will be hawkish.
SPY can’t find direction as crude pushes toward $90 due to escalating attacks on vessels still in IRAN.
US futures swung between gains and losses overnight after an earlier 0.5% rally, treasury yields barely moved following February’s CPI. Every remain cautious as energy risks collide with an uncertain rate outlook.
Volatility is rising. European bonds fell after officials warned the Iran conflict could trigger earlier interest-rate hikes if oil prices keep climbing.
Markets are now pricing in the inflation shock of prolonged energy disruption.
Meanwhile, the Strait of Hormuz remains the focal point. The UK Navy confirmed three ships were assaulted in the region as tensions escalate between Iran and Western allies.
Governments are preparing emergency responses. The IEA is considering releasing up to 400 million barrels from strategic reserves to stabilize markets.
If oil continues climbing, the impact is simple: higher inflation, tighter central banks, and deeper market volatility.
The war risk is now an energy shock risk.
Watching $Invesco QQQ(QQQ)$ and if it stays above $605 premarket low. Its strong support. I want it to break above $608 to show strength. If it can confirm this bullish strength. QQQ calls for March 13 $610 calls.
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