SPX: Is a deeper correction coming?S&P 500SP:SPXXBTFXThe correction on US equity markets continues for the fifth week in a row. Friday was especially negatively traded, after the US President announced further negative developments in Iran, which brought the S&P 500 down for 1,7%. The index closed the week at 6.368, or around 9% from its all time highest level. All US indexes following stocks are currently marking a year-to-date loss. Technology and communication stocks are remaining under pressure. Considering that these stocks have high participation in the index, they are making a huge contribution to the drop in the index value. On the other hand, due to the surge in oil prices, energy stocks are outperforming in the market, with major producers and refiners benefiting from supply fears. Consumer and retail names are also weakening due to inflation concerns tied to higher fuel costs. As macro risks are slowly emerging, strategists in Citigroup placed their U.S. equity exposures to neutral, removing Citi`s overnight position in small-cap stocks. Strategists cited a growing number of negative signals across the market, prompting a more cautious stance. They also highlight that geopolitical tensions are unlikely to ease quickly, reinforcing the decision to scale back risk. Based on current market sentiment and geopolitical and macro risks, the correction on the US equity markets might continue at the start of Q2. Some analysts are currently mentioning the 6.100 level which would represent the 13% correction from the ATH. Whether this would be the case, would depend on developments in the Middle East. On the other hand, for the week ahead, the NFP and Unemployment data for March will be released on Friday. This could bring additional volatility to the market in the week ahead.