The S&P has broken towards the downside confirming the rising wedge pattern analysed in recent days.

the S&P fell in Thursday's trading session to clearly break and close below the rising wedge pattern which we identified earlier in the week. Tough resistance now sits at the rising blue line. 4,000 also will play an important physiological resistance. NF Payrolls are due later today at 1:30 pm and a better-than-expected number could actually make the S&P500 and other indices fall further as it would suggest further tightening in monetary policy and interest rates. A worse-than-expected number could see a bounce back toward the swing resistance at 4,000. It is worth noting that the S&P is currently oversold on the 4 hourly timeframe and when this has happened previously the index has seen a bounce given enough time, similar to what the GBPUSD pair we posted saw in recent days. As it's Friday, taking a risk-off approach is important as leaving open positions into the weekend could mean a gap open or drop on Monday. Today does show some good opportunities however in multiple markets.  Towards the downside, the next level of support is the 3,776 clusters seen in December 2022.