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MARKETS RATTLED BY IRAN REMARKS AS S&P 500 SUPPORT COMES INTO VIEW

U.S. stock index futures are taking a hit on Wednesday morning after President Donald Trump said an interim deal aimed at ending the U.S.-Israeli war on Iran was "over," a comment that sent oil prices higher and rattled investor sentiment.

E-mini S&P 500 futures ESc1 are down around 0.5%, pointing to a lower open for the benchmark index and putting traders on alert for key technical support levels.

After closing Tuesday at 7,503.85, the S&P 500 index .SPX appears poised to test weekly Gann Line support near 7,445. The index can also threaten its rising 50-day moving average, which should come in around 7,415.

That 50-day moving average is a closely watched indicator, and a close below it could signal that selling pressure is gaining momentum. Below these levels, traders are likely to watch the June 26 low at 7,294.18 and the June 9 low at 7,237.85 as potential support zones.

If the pullback deepens, attention could shift to the 7,002-6,952 area, which includes the early 2026 high and the rising 200-day moving average. A drop into that range would leave the S&P 500 roughly 8% to 8.5% below its record closing high of 7,609.78 reached on June 2.

On the upside, a move back above Monday's high of 7,551.31 would ease some of the immediate downside pressure and put the focus back on the June 2 record intraday peak of 7,620.90. Should the index break into new high territory, the 8,000 level could emerge as the next major upside target.

(Terence Gabriel)

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