S&P 500 Index flashes a death cross as US-Iran war continues ahead of NFP data

Economic Impact - The S&P 500 Index has been on a downward trend, falling to $6,368, its lowest level since August last year, and has dropped over 9% from its year-to-date high [1][5] - The ongoing US-Iran war has led to increased crude oil and natural gas prices, with Brent and WTI prices rising to $112 and $100 respectively, up over 100% from their lowest levels this year [3] Labor Market Insights - Economists anticipate that the upcoming US non-farm payrolls (NFP) data will show a rebound in the labor market, with an expected creation of 60,000 jobs in March after a loss of 92,000 jobs in the previous month [6] - The unemployment rate is projected to rise slightly from 4.4% to 4.5%, indicating a stalled labor market amid the ongoing conflict [6] Technical Analysis - The S&P 500 Index has formed a death cross pattern, where the 50-day and 200-day Weighted Moving Averages (WMA) have crossed, suggesting a continued decline [5][9] - The Average Directional Index (ADX) has increased to 40, indicating that the downtrend is gaining momentum, with a key target for the index at the 38.2% retracement level of $6,130 [10]