Short-Term Market Outlook - The market sentiment has shifted positively in the short term due to a reduction in negative positioning related to the Iran conflict [1][2] - Any alleviation of risks surrounding the conflict is expected to be viewed favorably, as seen in recent market movements [2] Intermediate-Term Considerations - The intermediate-term outlook remains uncertain, with ongoing concerns about oil prices and their implications for rates and currency [2][6] - The S&P 500 has declined approximately 5% since the onset of the conflict, indicating a need for further analysis before determining a market bottom [3][4] Volatility and Market Behavior - There has not been a significant spike in volatility or trading volume that typically indicates a market flush, suggesting a more gradual adjustment to news [3] - The current decline is within the typical corrective range of 5-10%, but caution is advised as market conditions can change rapidly [4][5] Oil Prices and Economic Impact - Monitoring of oil futures is critical, as sustained high oil prices could complicate the broader economic outlook, which was initially based on a soft landing scenario [5][6] - The persistence of high oil prices may challenge the assumptions underlying investment strategies focused on sectors outside of mega-cap tech [6]