Markets are attempting a volatile rebound as geopolitical tensions complicate the outlook for the S&P 500 (SPX). Frances Newton explains why traders are quick to call a bottom despite the risk of a dead cat bounce and why the 200‑day moving average remains critical. The discussion also looks at gold and oil signals, trade policy pressures, and lingering supply‑chain damage, with Delta Air Lines (DAL) highlighting how earnings strength can be overshadowed by cautious guidance.