Markets head into next week on a high that still feels nervous. The S&P 500 closed Friday at 7,126, and the Nasdaq stacked its 13th straight green day, longest streak since 1992. And the reason everyone keeps pointing to is the same one that could unwind overnight. Hopes the Iran war is ending.

The Hormuz story is the one to watch first. It opened Friday, closed again Saturday, and that pattern is what the whole rally is leaning on. WTI sits near $86 but has been whipping between the high 80s and mid 90s on every headline. Worth watching closely. One bad morning here resets every other market.

Tech earnings pick up the baton mid-week. Tesla reports Tuesday and any read on Alphabet around the same window will set the AI capex tone. Given how much of this rally rides on the AI trade, the margin lines and the cloud numbers matter more than the top-line beats. That's the part nobody talks about.

Flash PMI prints Thursday land into Jobless Claims, which has been drifting higher. If growth data comes in softer with inflation still sticky, pre-FOMC positioning gets interesting before the April 28-29 meeting.

Crypto carries its own rhythm. BTC near $75,900, ETH around $2,300, and monthly options expiry Friday. LayerZero unlocks Monday afternoon, smaller move but still worth flagging.

Gold sits near $4,784. Still the tell on how fragile this optimism really is.

Quiet week it probably isn't.