A Polish reporter was quoted on the blasts tonight:

''My sources in the services say that what hit Przewowo is most likely the remains of a [Russian] rocket shot down by the Armed Forces of Ukraine.''

S&P 500 M15 chart

The stocks are rallying on the relief of the prospects that this is a false alarm. Nevertheless, markets will be on the lookout for the outcome of official confirmation from the Pentagon, Polish, and Hungarian defense committees. The S&P 500 is technically in the bearish territory while on the back side of the broken trendline and while below the resistance as per the drawings above. A close below 3,955 will be significantly bearish.