S&P 500 Bearish Pressure Mounts

On 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.