S&P 500 Bearish Pressure Mounts

9 oct. 2022On Monday 3rd October 2022, the Fibonacci support at 3542 was tested briefly. The Friday close of 3637 was almost 100 points adrift of this support level. After a lower unemployment rate was reported on Friday, it lessened the prospect of a lower Fed Funds rate hike in the near future. An increase of 75 basis points again is a strong possibility. This triggered the sell-off on Friday. The sentiment should carry through next week and a retest of the Fib support at 3542 would be a possibility.