We see the market edged lower today but mostly unchanged as the uncertainty remained in atmosphere and investors remained cautious over the geopolitical fears waving around between the U.S. and Iran. All major sectors in the S&P 500 closed the session in red and crude oil pulled back a bit from the recent gains.

（S&P 500: 3237.18 -0.28% DOW: 28583.68 -0.42% NASDAQ: 9068.58 -0.03%）

On the hourly basis, you can see the $S&P 500 index(.SPX.US)$ trended into the range between roughly 3215 and 3250 and we are experiencing a consolidation after a Dec. bullish range extension. Remember the levels are important, it's indicative of sentiment in the market as if the market is about to move upward, downward or just consolidate to absorb more volatilities and momentum for the later directional move.

We could find a similar pattern in $NASDAQ COMPOSITE(.IXIC.US)$ or $Dow Jones Industrial Average(.DJI.US)$ as both of them are a little bit shy of an all-time high, consolidating in a range of 8900 to 9090 and 28400 to 28700 respectively. Russell 2000 is the only exception among the broader equity markets as it continues to lag behind the other indices. That's the broader picture of perspective.

Going beyond the equity markets, we have our $United States Oil Fund Lp Units(USO.US)$ representing the crude oil quotes which experienced a big slid and liquidation event back in 2018, and 2019 it had been consolidating between roughly 10.5 and 13.00 levels. Recently based on the geopolitical risks sparked in the middle east, the $United States Oil Fund Lp Units(USO.US)$ once hit its intermediate high at 13.32 which is also a reference level of resistance, so it's maybe creating a sell-opportunity or a sell swing as a bearish strategy if you are a pattern type.

For $SPDR Gold(GLD.US)$, based on this ETF we track it as gold. It has completely exceeded its bull flag target roughly at 147 or at least the prior high. Since $SPDR Gold(GLD.US)$ broke above the recent resistant level, GLD could have an additional room to run toward the upside. If there are any additional headlines events to take place further you may see investors would chase the safe products and see an extension toward the upside of the gold market. An alternative for GLD is $Silver Trust Ishares(SLV.US)$ as the safe and inflation protective products in commodities.

Bonds, $20+ Year Trsy Bond Ishares(TLT.US)$ did have a short swing which ended its earlier spike at 139.50 which is lying at the descending triangle upper trend as the chart showed. The bonds just like the gold, if things turned out to be sour, you might see the bonds take a similar path as GLD, and in the end, that would result most like in the S&P 500 or other equity indices falling lower.