The S&P 500 is consolidating around the 4,173.62 level after dropping 31.9 points at the start of the trading session.

Investor risk appetite was subdued as stocks were sold off in favour of perceivably safer alternatives such as government bonds. The one month Treasury rate declined to 5.31%.

The S&P 500 is currently trading at 4,173.62 following the release of JOLTs Job Openings (Apr) data from the United States.

On the flip side, United States Consumer Confidence released yesterday at 14:00 UTC is better than expected at 102.3 but down from preceding data of 103.7 according to new data.

While price action maintains a negative bias, United States JOLTs Job Openings (Apr) came out at 10.10 million, while a consensus of analysts was expecting 9.78 million. United States OPEC Crude Oil Production Algeria (Barrel) released today at 14:15 UTC with a figure of 960,000, while the previous figure was 1,000,000.

S&P 500 made an initial break below its 3 day Simple Moving Average at 4,183, a possible indication of a forthcoming negative trend. Price action remains constrained around the key Fibonacci level of 4,169.48 currently serving as support. If price action breaks below, the next Fib hurdle is 4,049.64. The S&P 500 could begin to recover as it approaches significant support, now 3.53 points away from 4,177. Dipping below could be an indication that further losses are ahead.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts the S&P 500 to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the the S&P is expected to attract significant bearish sentiment in the coming days.

In the meantime, negative performances are also seen in other markets, ASX 200 closed at 7,091.3 (down 1.64%). After ending yesterday's session at 7,209.75, CAC lost 111.05 points and is trading around 7,098.7. Hang Seng is down to 18,234, losing 365.73 points, after closing at 18,600 in the preceding trading session.

Looking ahead, ongoing depreciation may be prolonged as United States Initial Jobless Claims projected to come out at 235,000 — worse than previous data of 229,000; data will be released tomorrow at 12:30 UTC.

In addition, United States Crude Oil Inventories is projected to outperform its last figure with -1.10 million, having previously been at -12.46 million. The figure will be published tomorrow at 15:00 UTC.

Furthermore, United States ADP Nonfarm Employment Change (May) is scheduled for tomorrow at 12:15 UTC.

The index has been trending positively for about 2 months. The S&P 500 has recovered 17.57% since descending to a significant low of 3,577 around 7 months ago.