SPY is at a pivot point right now and everyone is holding their breath as to what will happen. The trend has not yet broken because according to the DOW theory, it is a downtrend when you have a lower high and a lower low. In this case, the trend continues. Despite the data that came out on Friday, the market still has a room to fall. There is a Fed meeting in mid-December, which will determine whether they will continue to tighten the economy at the same pace or start reducing the rate hike. A cooling in the inflation numbers is noticeable, but at a very slow pace given the fed funds rate. Frankly, I wouldn't be surprised if by the end of 2023 the fed funds rate reaches double digits to meet the Fed's 2% inflation target.