How investors should be thinking about the Iran war

• S&P 500 exhibits downside momentum, with the 200-day moving average and cloud base support already broken; downside risk remains elevated.
• Yields and crude oil have broken out above former resistance, with crude oil reversing a long-term downtrend.
• The semiconductor sector (SMH, Micron) is a key concern; a breakdown here could drive the next leg lower for the market.
• Alternative energy ETFs (TAN for solar, FAN for wind) have shown strong upside momentum for about a year, following a four-year downtrend.

The analyst discusses the technical outlook for the S&P 500, noting downside momentum and elevated downside risk despite short-term oversold conditions. Key support levels have been breached, and there's concern about the semiconductor sector. Conversely, energy (crude oil, solar, and wind) is showing strong upside momentum.