The major indices in the US are closing just off the highs for the day as the market weathers the storm from the US entering into the Iran/Israeli conflict.

Helpful catalysts at the start of the day were lower rates, and the hope that the bombings over the weekend would bring Iran to the negotiation table.

Later, the gains were spurred by comments from Fed's Bowman, who reiterated comments from Fed's Waller from Friday that a July cut would be favored if inflation stays stable. The chance for a July cut rose to 23%, while that of a September cut rose to over 80%.

Iran also did not go through with any blockade of the Strait of Hormuz, an indication of conflict avoidance.

A final shove higher happened after Iran's counterattack of the US military base in Qatar seemed to be more of a face-saving response versus an aggressive war-like response. Iran gave the US a warning, and the missiles were easily intercepted with no damage reported.

The final numbers show:

• Dow industrial average rose 374.96 points or 0.89% at 42581.78.
• S&P index rose 57.33 points or 0.96% at 6025.17.
• NASDAQ index rose 183.56 points or 0.94% at 19630.97.

Looking at the S&P, it closed back above its 100-hour moving average at 6000.02, after successfully testing the rising 200 hour moving average at session lows.

The NASDAQ index is also closing back above its 100-hour moving average at 19550.29.

If the price can stay above the 100-hour moving average going forward in both those indices, the momentum to the upside can continue from a technical perspective.