FUNDAMENTALOVERVIEWThe S&P 500 spiked intothe 6,750 level following Trump’s ceasefire announcement on Monday but eventuallygave back most of the gains after the Iranian side denied Trump’s claims andyesterday officially rejected the ceasefire proposal. Overall, the market is nowconsolidating as Trump’s push towards a deal despite Iranian pushback, keepsthe hope alive. Nonetheless, there’s a risk that this was just the usual jawboningstrategy to calm markets while the US prepares of a ground invasion. In fact, Trump’s announcementcame right after the US stock indices were flirting with key downside breakouts,Treasury yields were surging into new highs and oil prices were rising intotriple digit territory. If the warescalates further and we get the news of a ground invasion, we will likely seethe S&P 500 breaking into new lows. On the other hand, if Trump decides topull back militarily and end the hostilities, we should get a strong reliefrally which could mark the start of a move into new all-time highs.For now, the riskof a ground invasion will keep the market under pressure and we will likely seedefensive hedging into the weekend barring a surprising deal or end of the war. S&P 500TECHNICAL ANALYSIS – DAILY TIMEFRAMEOnthe daily chart, we can see thatthe S&P 500 spiked into the 6,750 levelwhere the sellers stepped in with a defined risk above the resistance toposition for a drop back into the 6,525 support. If the price gets there, wecan expect the buyers to pile in with a defined risk below the support to targeta pullback into the downward trendline.S&P 500 TECHNICALANALYSIS – 4 HOUR TIMEFRAMEOnthe 4 hour chart, there’s notmuch we can add here as the price action became rangebound as traders are nowwaiting for new catalysts before picking a direction. We need to zoom in to seesome more details.S&P 500 TECHNICALANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, wehave a minor downward trendline defining the current bearish momentum. We canexpect the sellers to continue to lean on the trendline to keep pushing into thesupport. The buyers, on the other hand, will look for a break higher to targeta rally back into the resistance. The red lines define average daily range for today. UPCOMING CATALYSTSToday we get the latest US Jobless Claims figures This article was written by Giuseppe Dellamotta at investinglive.com.