The S&P 500 eyes relief rally if the Fed avoids hawkish surprise and US-Iran ceasefire holds

The article says the S&P 500 remains rangebound and under pressure as traders hedge and deleverage ahead of tomorrow’s FOMC decision, with market direction hinging on both Fed guidance and US-Iran developments. The Fed is expected to keep rates unchanged, though a hawkish surprise or dissent could extend weakness. If the ceasefire holds and the Fed meets expectations, the index could see a short-term relief rally. Technically, the S&P 500 is nearing key support at 7,357, with a deeper support zone around 7,200; a break above the current trendline could reopen the path to new highs.