LIVE MARKETS-US futures jump on Iran ceasefire; S&P 500 eyes key technical levels

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US FUTURES JUMP ON IRAN CEASEFIRE; S&P 500 EYES KEY TECHNICAL LEVELS

Wall Street's main indexes are set for a strong open on Wednesday after the U.S. and Iran agreed to a two-week ceasefire, sending crude prices lower on expectations that energy supplies through the Strait of Hormuz could resume.

The improved risk mood has E‑mini S&P 500 futures EScv1 up more than 2.5%, pointing to a more than 150‑point gain for the cash index at the open. Nearly all S&P 500 SPDR ETFs are quoted up in premarket trading with Tech XLK.P, up about 4%, out front. Energy XLE.P, down around 5%, is the sole loser.

With the S&P 500 .SPX ending Tuesday at 6,616.85, the strong premarket move suggests the benchmark index is set to reclaim its 200‑day moving average (DMA) near 6,655 shortly after the opening bell. A recovery above that level would mark a key technical milestone following recent volatility.

Beyond the 200‑DMA, the next resistance is the March 17 high at 6,754.30, followed by the descending 50‑day moving average around 6,765 and the 100‑day near 6,800.

Given the likelihood of a large opening gap, traders will closely watch whether the index can hold above newly reclaimed levels. In the rally that followed the April 2025 market bottom, several upside opening gaps proved durable, while others were filled within days.

If Wednesday’s gap higher holds, bulls will look for the 200‑DMA to act as support, reinforcing the move as a potential breakaway signal. A quick gap fill toward Tuesday’s high at 6,618.26 would shift focus to support at 6,534.55, with deeper losses risking a move toward the late‑March lows.

The S&P 500 has now risen for five straight sessions, its longest winning streak since a seven-day stretch in October last year.

(Terence Gabriel)

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