The S&P 500 fell as traders fret a solid jobs report would confirm the Fed’s hawkish stance. The index is at a crossroads on the daily chart as it goes sideways between 3900 and 4180. A failure to lift offers in the supply zone around 4080 indicates that the downward pressure still lingers in the wake of the February sell-off. A drop below 3970 signals that the path of least resistance is down and the daily support of 3885 is a critical floor to prevent a deeper correction to December’s lows near 3770. On the upside, 4010 is the first hurdle.
