With any other administration, I might believe that there is a good possibility of a negotiated settlement with Iran that allowed oil prices to tumble back to the 60s. But, with thousands of troops steaming toward the war zone, I have a hard time believing that Trump is prepared to pull out and leave the Hormuz problem (that he created) to others to solve. At current levels, we’re merely testing a channel top…

…and, with SPX, a channel midline. SPX is still some distance away from its SMA200.

It would be easier to get on board if VX broke down.

Note that CL hasn’t come close to breaking down.

And, what happens after Iran escalates attacks on western targets? They will reportedly attack numerous tech firms such as Apple, Google, IBM, Intel, Microsoft, Tesla, and Boeing beginning at 11:30 ET this morning.