Poland’s strike reports put influence Wall Street, S&P 500 pops

A Polish reporter was quoted on the blasts tonight as saying, ”My sources in the services say that what hit Przewowo is most likely the remains of a Russian rocket shot down by the Armed Forces of Ukraine.”

US stocks are rallying on the relief of the prospects that this is a false alarm. Markets will be on the lookout for the outcome of official confirmation from the Pentagon, Polish, and Hungarian defense committees.

The S&P 500 is technically in the bearish territory while on the back side of the broken trendline and while below the resistance as per the drawings above. A close below 3,955 will be significantly bearish.

The Nasdaq composite surged 2.5% at midday but cut its gain to 0.6% at 1:40 p.m. ET. The S&P 500’s earlier gain of 1.5% was nearly entirely gone.

The S&P 500 is getting closer to the 200-day moving average. The line has been a resistance level for the index, most notably in April and August. Watch how the S&P handles the next test of the line, which is still trending down.