Geopolitics remains important for markets today after the US announced economic pressure on Iran. They are targeting companies and vessels, while also warning countries and companies still doing business with Iran that they could face secondary sanctions and potentially lose access to the US dollar system. China is especially important here, as it remains the largest buyer of Iranian oil. For now, the US has stopped short of targeting major Chinese banks, but any move in that direction could increase tensions between the US and China and potentially have a much bigger impact on oil, stocks, and usd.
So far, when looking at SP500, we see some important reversal south, it suggest that at least temporary top is in place, which can allow market to resume even lower after current B wave that is already at resistance up here.
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