SPY Pops, Then Recedes, On Iran News

SPY popped to a new ATH at 754.00 in pre-market trading on the news that the US and Iran are nearing an agreement on the Strait of Hormuz, but the SPX ETF has since receded to the 751.75 area, again, in what I think is a disappointing reaction to this news... although to be fair, every couple of days we get news that a deal might be done that turns out to be wishful thinking.

Be that as it may, let's be aware that NVDA, MU, and AMD collectively account for about 11% of SPY, which is a BIG portion of the ETF that influences directional price behavior, and is a VERY important reason to watch the chip names besides that obvious meteoric moves of MU and AMD (NVDA is "struggling" lately)... 

Technically, as long as any SPY weakness is preserved above yest's pullback low at 748.50, the bulls will be in directional control-- albeit perhaps, in an increasingly exhausted condition. However, unless weakness inflicts some technical damage on a break of 748.50 that leaves SPY vulnerable to a press into the still UNFILLED Up-gap from last Friday's final print at 743.73 to Tuesday's low at 748.80, the dominant near-term uptrend pattern from the 5/19/26 low at 731.53 remains intact, and as such, the bulls will be eying 758 to 760 next... Last is 751.53...