2026-03-10 18:36:00
US intelligence reports that Iran is taking steps to deploy mines in the Strait of Hormuz has sent oil higher, stocks lower and the USD higher. If they are successful, it would keep the Strait unpassable. If successful, it could be the next wave of mass destruction for the US.
The S&P moved from 6831 to a low of 6786. The S&P is now trading at 6796 which is near unchanged on the day. The high price reached over the last hour peaked at 6845.08. The 100 hour MA comes in at 6844.76. Peaking near that level keeps the sellers in play technically. Support being approached at 6764 to 6789 now (see yellow area on the chart below).
Crude oil has moved from $79.90 to $87.07 currently. The price is now moving above the 100 hour MA at $86.80. Staying above would have traders looking toward the 50% midpoint of the range since February 26.
The EURUSD moved up to a high of 1.1666 just short of the 50% midpoint of the move down from the February 26 high The price fell jsut short of the key 200 day MA.
The 100 hour MA at 1.15997 (call it 1.1600) is the next key target on more selling.
