Critical S&P 500 Direction Post Fed Rate Hike of 75 Basis Points

Is this a turning point for the S&P 500? Following the rate hike and the breach in the Fibonacci level 3810 there appears to be a resistance at the 3720 level. The next Fib level is about 3500. Downward pressure due to margin reduction, earnings, unemployment and high fuel prices are pointing to an approach to this level, at least by the year end. The fears of stagflation are weighing on the market at present.